REG - Supermarket Inc REIT - Acquisition of €123m Carrefour portfolio in France

Supermarket Income REITAnnouncement

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RNS Number : 5151H  Supermarket Income REIT PLC  14 November 2025

14 November 2025

SUPERMARKET INCOME REIT PLC 

("SUPR" or the "Company") 

 

ACQUISITION OF A €123 MILLION CARREFOUR SUPERMARKET PORTFOLIO IN FRANCE

Supermarket Income REIT plc (LSE: SUPR, JSE: SRI) is pleased to announce that
it has completed the acquisition of a portfolio of 20(1) Carrefour
supermarkets in France (the "Portfolio"), in line with its strategy to deploy
capital into accretive pipeline opportunities which support long term dividend
cover and growth.

The Portfolio has been acquired through a direct sale and leaseback
transaction, for a total purchase price of €123(1) million (excluding
acquisition costs), at an attractive net initial yield of 6.6%(2).

The 20 strong performing omnichannel stores have long trading histories and
form a key part of Carrefour's "Drive" online fulfilment network. The
Portfolio operates under the Carrefour brand and is geographically diversified
across France, adding new and complementary locations to SUPR's existing
portfolio. The stores also benefit from low competition within each of their
respective catchment areas, have an average gross internal area of c.44,000
sq. ft. and are leased at highly affordable average rents of €9.70 per sq.
ft. The Portfolio's average capital value of €139 per sq. ft. is materially
below the estimated replacement cost for these assets.

The Portfolio has been acquired with a weighted average lease term of 12 years
(with a tenant-only break option in year 10), subject to annual uncapped
inflation-linked rent reviews.

SUPR has funded the acquisition through its existing unsecured revolving
credit facility with an all-in cost of the Euro denominated borrowing capped
at 3.5%(3) until June 2030, with the acquisition providing an attractive
spread over the cost of debt. Following this acquisition the Company's LTV is
40%.

The Company now has 46 Carrefour stores, achieving critical mass and providing
sufficient scale for efficient operations in France. Upon full deployment of
SUPR's debt capacity into near term pipeline opportunities, the Company
expects Carrefour to represent c.10% of its gross asset value.

Following this transaction, the Company has fully redeployed the c. £200
million of net proceeds from its April 2025 strategic joint venture with funds
managed by Blue Owl Capital ("Blue Owl"), at an average NIY of 6.6%. This
activity has enhanced earnings through JV management fee income and the lower
cost of Euro financing.

Rob Abraham, CEO of Supermarket Income REIT, commented:

"I am delighted that we have now taken our French exposure to scale through
another direct sale and leaseback transaction with Carrefour as we continue to
recycle capital into earnings enhancing opportunities that further diversify
our portfolio. SUPR is targeting a number of attractive UK pipeline
transactions in the coming months, supporting the delivery of a fully covered
and growing dividend over the long term."

Notes

(1) Including one store for which the Company has signed an agreement to
purchase, expected to complete in Q1 2026

(2) NIY assuming standard purchaser's costs

(3) Based on 1.50% bank margin

 

 FOR FURTHER INFORMATION   
 Supermarket Income REIT  
 Rob Abraham / Mike Perkins / Chris McMahon                                                                  ir@suprplc.com (mailto:ir@suprplc.com)     
                                                                                                               

 Stifel Nicolaus Europe Limited                                                                              +44 (0)20 7710 7600   
 Mark Young / Rajpal Padam / Catriona Neville                                                                   
                                                                                                              
 Goldman Sachs International                                                                                 +44 (0)20 7774 1000 

 Tom Hartley / Luca Vincenzini                                                                                

 Headland Consultancy                                                                                        +44 (0)20 3805 4885

    
 Susanna Voyle / Antonia Pollock / Dan                                                                        SUPR@headlandconsultancy.com
 Mahoney
    

 

NOTES TO EDITORS:    

Supermarket Income REIT plc (LSE: SUPR, JSE: SRI), a FTSE 250 company, is
the only LSE listed company dedicated to investing in grocery properties which
are an essential part of national food infrastructure. The Company focuses on
grocery stores which are predominantly omnichannel, fulfilling online and
in-person sales and are let to leading supermarket operators in the UK and
Europe. The portfolio was valued at £1.6 billion as at 30 June 2025.

The Company's properties earn long-dated, secure, inflation-linked, growing
rental income. SUPR targets a progressive dividend and the potential for long
term capital growth.

The Company's shares are traded on the LSE's Main Market and on the Main Board
of the JSE Limited in South Africa. 

Further information is available on the Company's
website www.supermarketincomereit.com
(http://www.supermarketincomereit.com/)   

LEI: 2138007FOINJKAM7L537  

 

 

Stifel Nicolaus Europe Limited, which is authorised and regulated in the
United Kingdom by the Financial Conduct Authority, is acting exclusively for
Supermarket Income REIT plc and no one else in connection with this
announcement and will not be responsible to anyone other than the Company for
providing the protections afforded to clients of Stifel Nicolaus Europe
Limited nor for providing advice in connection with the matters referred to in
this announcement.

Goldman Sachs International, which is authorised by the Prudential Regulation
Authority and regulated by the Financial Conduct Authority and the Prudential
Regulation Authority in the United Kingdom, is acting exclusively for
Supermarket Income REIT plc and no one else in connection with this
announcement and will not be responsible to anyone other than the Company for
providing the protections afforded to clients of Goldman Sachs International
nor for providing advice in connection with the matters referred to in this
announcement.

 

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