Supermarket Income REIT has bought a Morrisons supermarket in Sheffield from Opus North for £51.7m and arranged a new five-year 52.1m loan facility.
The 113,000 sq ft supermarket on an 8.4-acre site in Hillsborough Barracks was bought at a net initial yield of 4.9%. It has an unexpired lease term of 21 years with five-year upward-only RPI-linked rent reviews.
The new interest-only loan was organised with Bayerische Landesbank. It has a margin of 125 basis points above three-month Libor and is secured against the Sheffield Morrisons and a Sainsbury’s in Ashford, Kent.
Ben Green, director of Atrato Capital, investment adviser to Supermarket Income REIT, said: “This purchase completes our asset acquisition plan, which we set out at the time of our £65m capital raise in May.”
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