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Supermarket Income REIT increases target amount for recent placing to up to £200mln from approximately £150mln

Published: 03:00 06 Oct 2020 EDT

Supermarket Income REIT PLC -
The placing shares will be issued at 104p, a 6.3% discount to the closing price on September 16, 2020

Supermarket Income REIT PLC (LON:SUPR) has decided to increase the target amount for its recent equity placing to up to £200mln from approximately £150mln.

In a brief statement, the retail property investor said that since its announcement of the fundraising on September 17, 2020, the group’s board has carefully considered the appropriate size of the Initial Issue and decided to increase the target.

READ: Supermarket Income REIT raises £150mln to snap up prime sites as others divest

The trust said its board had based this increase on a strong level of support from investors; its confidence in executing on the pipeline; and an increase in further appropriate investment opportunities since the marketing roadshow began.

When announcing the equity raise last month, Supermarket Income REIT said it was being undertaken to take advantage of opportunities that have become available since the onset of coronavirus restrictions.

The trust invests in sites occupied by the major supermarket chains such as Tesco, Sainsbury’s, Morrison’s and Waitrose and has identified £400mln worth of omnichannel sites that meet its criteria of size and online fulfilment potential.

Since lockdown was introduced in March, Supermarket Income has spent £240mln on new additions to its portfolio.

The placing shares will be issued at 104p, a 6.3% discount to the closing price on September 16, 2020.

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