Supermarket Income REIT expands joint venture with Asda deal
UK-based Supermarket Income REIT is expanding its joint venture with US asset manager Blue Owl, signing a £196m sale-and-leaseback deal for 10 Asda supermarkets and agreeing to transfer £232m worth of its own stores into the partnership. The group will pay £98m for its half of the Asda transaction, which brings in 25-year leases with CPI-linked rental escalations capped at 4%.
The stores, selected from a wider pool of 20, offer a 7.4% initial yield and strong omnichannel capability, supporting both online orders and click-and-collect, it said in a Sens announcement.
“These transactions further demonstrate our ability to deliver on our strategy, as we continue to successfully drive returns for our shareholders. Working closely with Blue Owl, we are pleased to have increased the scale of the JV through the addition of these top quartile Asda stores and the expected transfer of five of Supermarket’s existing stores,” Supermarket CEO Rob Abraham said.
The group said it also intended to move five of its directly owned assets into the JV at 3% above their June 2025 book value, a move the group says highlights the strength and resilience of its portfolio. The transfer is expected to be completed by year-end.
“Once the deals are complete, the joint venture will be worth £833m across 23 properties, boosting Supermarket’s fee income by £800,000 and extending its average lease length to 12 years.”
Original context notes: The deals are described as part of a strategy to deploy capital into attractive opportunities and to increase the portfolio’s scale and diversification through the addition of Asda stores and the transfer of five existing stores into the joint venture.
Авторское резюме (одно предложение, 120–200 символов): Объединённый JV Supermarket Income REIT и Blue Owl расширяет портфель за счёт 10 магазинов Asda и переноса пяти собственных активов, увеличивая охват и среднюю продолжительность аренды в долгосрочной перспективе.
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