Supermarket Income REIT - Supermarket sweep
Supermarket Income REIT’s (SUPR’s) development continues apace. Including the three recently announced acquisitions (c £150m before costs), we forecast up to £600m of acquisition investment by FY24 as the proceeds of the recent £200m (gross) equity raise are deployed and the cash proceeds from the JV maturity are recycled. Acquisition yield have compressed with a positive impact on net asset value. With a low average cost of capital, we expect SUPR to grow without diluting dividend growth, while benefiting from further scale economies.
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