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Supermarket Income REIT buys Tesco-leased asset for £53M

Supermarket Income REIT PLC paid £53 million to purchase a Tesco Extra-leased property in Scunthorpe, England, from Legal and General Pensions Ltd., reflecting a 5.1% net initial yield.

The 98,000-square-foot property sits on an 8-acre site and offers 580 parking space, along with online fulfillment distribution docks. The store has an unexpired lease term of 22 years with annual, upward-only rent reviews.

The British real estate investment trust used the proceeds from a £65 million equity placement in May to fund the purchase.