Wrap Text
Acquisition of a €123 Million Carrefour Supermarket Portfolio in France
SUPERMARKET INCOME REIT PLC
(Incorporated in the United Kingdom)
Company Number: 10799126
LSE Share Code: SUPR
JSE Share Code: SRI
ISIN Code: GB00BF345X11
("SUPR" or the "Company")
14 November 2025
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 (Note 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 (Note 1) million (excluding acquisition costs), at an attractive net initial yield of 6.6% (Note 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% (Note 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
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 Mahoney SUPR@headlandconsultancy.com
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
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.
The Company has a primary listing on the London Stock Exchange and a secondary listing on the JSE
Limited.
Sponsor
PSG Capital
Date: 14-11-2025 09:00:00
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