Atrato Capital chief investment officer Steven Noble joins Proactive's Stephen Gunnion with news that Supermarket Income REIT PLC (LSE:SUPR, OTC:SUPIF) has acquired a portfolio of 17 omnichannel supermarkets in France from Carrefour through a sale and leaseback transaction valued at €75 million.
The deal ensures a leaseback to Carrefour for 12 years, yielding an initial return of 6.3% with the advantage of annual uncapped inflation-linked rent reviews.
Noble emphasized that this move aligns with Atrato Capital's ongoing strategy to focus on omnichannel stores, crucial for both online and in-store grocery sales. The acquisition not only fits its existing investment strategy but also expands its addressable market to the French grocery sector, valued at €284 billion. France was specifically chosen due to its significant online growth potential and Carrefour's strong market position and omnichannel capabilities.
Although the UK remains its core market, Noble hinted at possible future acquisitions in Europe to increase shareholder value, maintaining its strategic approach towards omnichannel grocery property investments. This expansion into France with Carrefour is viewed as a natural progression of Supermarket Income REIT's business model, providing promising growth and long-term valuation opportunities.
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