| Supermarket Income REIT | |
| Type: | Public limited company |
| Location: | London, United Kingdom |
| Industry: | Property |
| Revenue: | £95.2 million (2023)[1] |
| Operating Income: | £(133.1) million (2023) |
| Net Income: | £(144.9) million (2023) |
Supermarket Income REIT is a property company which invests in retail property and holds a large portfolio of supermarkets. The company is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.[2]
The company was launched on the London Stock Exchange in July 2017 and used the proceeds to purchase a series of supermarkets with the main supermarket chains as its tenants.[3] The company, together with its joint venture partner, British Airways Pension Trustees, acquired British Land's 25.5% stake in a portfolio of supermarkets in May 2020.[4] It went on to buy a large supermarket in Newmarket in July 2020,[5] a large supermarket in Bracknell in September 2020[6] two supermarkets, one in Melksham and one in Winchester in January 2021,[7] five supermarkets in the northwest of England in September 2021,[8] [9] a supermarket in Cannock in December 2021[10] and a supermarket in Cwmbran in January 2022.[11]
Sainsbury's exercised its option to acquire thirteen stores, which it occupied, from the company and its joint venture partner, British Airways Pension Trustees, in September 2021[12] and then bought a further eight stores, which it occupied, from the company and its joint venture partner in January 2022.[13] The company raised an additional £175 million to buy supermarkets in April 2022.[14] [15]
By April 2022, the company had raised funds nine times for the purposes of building its portfolio of supermarkets; by that time the company owned 41 supermarkets directly and partially owned another 26 supermarkets through its joint venture with British Airways Pension Trustees.[16] [17]
The company specialises in supermarkets. Its portfolio was valued at £1.8 billion as at 30 June 2022.[1] The company is advised in all aspects of its work by Atrato Capital.[18] The company is one of a small number of UK Real Estate Investment Trusts which have been launched in the UK and the only one specialising in supermarkets.[19] The UK market is much less developed than that in the US; analysts at S&P Global Ratings have suggested that the UK REIT market "needs to grow a lot bigger" and involve "greater specialization".[20]