We are pleased to announce that SUPR has received £116.9m from the sale of its interest in the Sainsbury’s Reversion Portfolio (the “SRP Portfolio”) today as scheduled.
SUPR will use this second tranche of net proceeds to reduce debt in the near term. Based on the last published portfolio valuation as at 31 December 2022, SUPR’s LTV will be c.33% following this debt repayment.
As part of the final completion of this transaction, SUPR has acquired Sainsbury’s 46% interest in the four remaining stores in the SRP Portfolio. The net consideration for this acquisition is £28.3 million. Sainsbury’s has entered into new 15-year leases on these stores.
The completion of the transaction has generated the Company total gross proceeds of £430.9 million.