After unveiling plans two weeks ago to raise £75mln, the group said its board has now decided to up the issue to at least above £100mln, having received a strong level of support from investors and in light of the possibility of acquiring additional assets.
Management at the REIT, which owns a portfolio of nine Tesco, Sainsbury’s and Morrisons supermarket stores, said earlier this month the funds would allow it to purchase two supermarket properties with a value of around £115mln, with a further pipeline of assets having been identified with an approximate value of £180mln.
Amid the coronavirus crisis, Supermarket REIT chairman Nick Hewson said last month that the ability of supermarkets with omnichannel capabilities “has never been more important” to enable grocery groups to supply the local communities.
The results of the issue are expected to be announced on April 28 and the new shares should begin trading at the end of the month.
Published at Fri, 24 Apr 2020 09:31:00 +0000-Supermarket Income REIT looks to double size of fundraising