Grocery store assets investor goes searching in Essex, with £63m invest in
roperty trader Supermarket Earnings Reit has acquired a Tesco grocery store web site in Colchester, Essex, in a £63 million offer.
The organization, which leases internet sites to corporations in the grocery sector, explained it has acquired the website from Standard Everyday living Investments Long Lease Fund.
Grocers have witnessed income leap for the duration of the pandemic and have been authorized to hold suppliers open up for the duration of lockdowns. Several web-sites offer landlords extensive phrase rental money.
The acquisition in Colchester includes a 54,300 square toes supermarket, a 16-pump petrol filling station and 570 parking areas.
The keep has a number of on the internet fulfilment distribution docks supporting Tesco’s online grocery business.
Ben Inexperienced, director of Atrato Funds Restricted, the financial investment adviser to Grocery store Earnings Reit stated: “This Tesco shop is a excellent addition to our expanding portfolio of omnichannel suppliers with an beautiful, long, index-connected lease in excessive of 19 years.”
In results released in March for the six months to December 31, Grocery store Profits Reit’s chairman Nick Hewson, reported: “The last 12 months have highlighted the critical purpose of grocery property in the UK’s feed the country infrastructure….Our supermarkets enjoy a important position in supporting the response of the United kingdom grocery sector to the pandemic and as a outcome we have professional powerful house investor desire in our market.”