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Supermarket Income REIT has completed the acquisition of a Tesco supermarket in <a href="https://www.londonstockexchange.com/news-article/SUPR/acquisition-of-a-tesco-store-and-amendments-to-iaa/16389985">Stoke-on-Trent</a> for £34.7m, reflecting a net initial yield of 7.5%.



Constructed in 1994, the 54,451 sq ft net sales area supermarket sits on a 8.7 acre site and is supplemented by a petrol filling station, also included in the acquisition. The store support's Tesco's online operations through both home delivery and click-and-collect services.



The asset is being acquired with an unexpired lease term of 11 years, and is subject to annual inflation-linked rent reviews.



The acquisition has been funded through the drawdown of Supermarket Income REIT's revolving credit facility.



Supermarket Income REIT focuses on investing in grocery stores with an omnichannel offering, fulfilling online and in-person sales. The company's supermarkets are let to leading UK operators across the country.



Last autumn, <a href="https://www.londonstockexchange.com/news-article/SUPR/acquisition-of-a-tesco-store-and-amendments-to-iaa/16389985">the REIT saw its annual rental income reach over £100m</a>, which it said reflected the resilience of the grocery sector.

Supermarket Income checks out £34.7m Stoke Tesco acquisition

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Screenshot 2023-12-15 at 10.10.28

Barkby has completed its first acquisition as part of its joint venture with Meadow Partners, as it looks to create a portfolio of roadside UK businesses.



The joint venture has purchased an asset in <a href="https://completelyretail.co.uk/shops-to-rent/stoke-on-trent">Stoke</a> for £5.28m. It was originally acquired in September by Meadow and has been sold to the joint venture at cost.



The site comprises a lettable space of 15,489 sq ft, and is home to Costa Coffee, TGI Friday's, Nando's, and Wagamama. The asset also includes 239 car parking spaces with scope to install a minimum of 12 ultra-fast electric vehicle chargers.



Barkby said the acquisition will be funded in line with the joint venture's equity commitments, whereby Meadow will own and fund 97% of the joint venture whilst Barkby will own the remainder. As a result, the group has made an initial contribution of £167,625 to the acquisition.



Charles Dickson, executive chairman of Barkby, said: "We are pleased to have completed the JV's first acquisition. The Stoke asset has scope for several accretive investment opportunities, not least the installation of much-needed EV charging infrastructure.



"This acquisition follows practical completions at Barkby's wholly owned assets in Wellingborough and Maldon, which are both fully let and together generate over £500,000 of annualised rental income."



"The JV has a prospective roadside real estate investment pipeline in excess of £150 million, which we are confident will attract high-quality nationwide tenants, underpinning reliable, long term income streams. The JV is in ongoing negotiation on a number of further site acquisitions as it works to deploy the JV's equity commitment in assets that deliver sustainable returns for investors and valuable amenities to local communities."



<a href="https://news.completelyretail.co.uk/real-estate-firm-drives-forward-with-250m-roadside-joint-venture/">Barkby entered the joint venture in October</a>, after downsizing its pub portfolio as it eyes real estate investment trust (REIT) status.

Barkby makes first joint venture roadside acquisition

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Newcastle,Under,Lyme,,Uk,08,29,2021,Quiet,Town,Center

Local <a href="https://completelyretail.co.uk/shops-to-rent/newcastle-under-lyme">Newcastle-under-Lyme</a> councillors could approve a number of measures to give a multimillion pound regeneration development the go-ahead.



The project would see the redevelopment of York Place and the creation of public space, shops, a multi-storey car park, and offices.



Later developments could also see the construction of a 100-bed hotel.



The proposed developments jointly form a larger £30m regeneration of the Ryecroft area, which also includes an Aspire development.



A report which is set to be delivered before the Council seeks authorisation to demolish the existing York Place building and make space for two shop and office buildings, opening public space between Ironmarket and Merrial Street.



Simon Tagg, leader of Newcastle-under-Lyme Borough Council, said: "Supporting the long-term vitality of Newcastle town centre is a permanent priority and the bringing together of these diverse projects on two adjoining sites will increase footfall and boost local shops, restaurants and businesses."



In 2020, Newcastle-under-Lyme Borough Council received £11m from the Government's 'Future High Street' fund, with £3.5m being secured for the car park development and £3m being allocated for York Place.

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