(Il Sole 24 Ore Radiocor) - Milano, 14 nov - Supermarket Income REIT said that it has completed the acquisition of a portfolio of 20 Carrefour supermarkets in France for 123 million euros, excluding acquisition costs, at an net initial yield of 6.6%.

Supermarket Income REIT noted that the stores benefit from low competition within each of their respective catchment areas, have an average gross internal area of about 44,000 square feet and are leased at "highly affordable" average rents of 9.70 euros per square foot. The portfolio's average capital value of 139 euros per square foot "is materially below the estimated replacement cost for these assets," it added.

The stores have been acquired with a weighted average lease term of 12 years, with a tenant-only break option in year 10, subject to annual uncapped inflation-linked rent reviews.

The company now has 46 Carrefour stores, "achieving critical mass and providing sufficient scale for efficient operations in France," it noted.

"I am delighted that we have now taken our French exposure to scale through another direct sale and leaseback transaction with Carrefour as we continue to recycle capital into earnings enhancing opportunities that further diversify our portfolio. SUPR is targeting a number of attractive UK pipeline transactions in the coming months, supporting the delivery of a fully covered and growing dividend over the long term," said Rob Abraham, the CEO of Supermarket Income.

REIT.

(RADIOCOR) 14-11-25 12:48:43 (0326) 5 NNNN