Supermarket Income Reit is making its first foray overseas after agreeing to buy a portfolio of Carrefour supermarkets in France.
The real estate investment trust has snapped up 17 “strong-performing omnichannel” supermarkets in a sale-and-leaseback deal for €75.3 million, reflecting a net initial yield of 6.3 per cent.
The stores occupy about 40,000 sq ft, on average, and have a “long history of successful trading”. Carrefour, which operates in 30 countries, generated sales of €94 billion in 2023 and has the second largest market share in France.
The portfolio has been acquired with a weighted average lease term of 12 years, with a break option in the tenth year, as well as annual uncapped inflation-linked rent reviews.
“This accretive transaction is complementary to our existing