Supermarket Income REIT (SUPR) has bought British Airways Pension Trustees Limited鈥檚 (BAPTL) stake in the pair鈥檚 partnership that holds half of a UK portfolio of supermarket properties.

SUPR said it has acquired the British Airways pension fund trustee company鈥檚 25.5% beneficial interest in the Sainsbury鈥檚 Reversion Portfolio (SRP Portfolio) for 拢196m (鈧�221m).

The deal gives SUPR a 51% stake in the SRP Portfolio alongside supermarket chain Sainsbury鈥檚, which holds the remaining 49% interest in the 26-asset portfolio. Sainsbury鈥檚 is expected to buy 21 of the properties for 拢1.04bn in two tranches in March 2023 and July 2023.

Following the acquisition by Sainsbury鈥檚, SUPR will receive at least 拢264m in March 2023 and 拢116m in July 2023.

SUPR and BAPTL first formed the 50:50 joint venture in May 2020 to acquire British Land鈥檚 25.5% stake in the SRP Portfolio for 拢102m. The joint venture again in February 2021 acquired a further 25.5% stake in the portfolio from Aviva for 拢115m.

In September 2021 and in January 2022, Sainsbury鈥檚 exercised options to acquire 21 stores within the SRP Portfolio.

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Raz joined the 麻豆映画 editorial team in 2017 as news editor of 麻豆映画 Real Assets. He has over 15 years of experience as a financial journalist, having worked for Dow Jones Newswires and The Wall Street Journal where he worked as an equities reporter covering corporate news. He later covered consumer finance and moved on to become a leisure reporter and helped manage the London corporate news and small-cap desk.View full Profile

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