Supermarket Income sells first tranche of Sainsbury's portfolio

Grocery property-focussed investor Supermarket Income REIT announced the successful completion of the first tranche of the sale of its interest in the Sainsbury's Reversion Portfolio (SRP) on Monday.

The London-listed firm said the transaction generated £279.3m for the company.

As it announced on 14 March, the total gross consideration for the SRP would amount to £430.9m, excluding costs.

“The company has used part of these proceeds to repay in full the £202.8m debt facility provided by JPMorgan Chase, secured on the company's investment in the SRP portfolio,” the board said in its statement.

At 1207 GMT, shares in Supermarket Income REIT were down 0.69% at 86.4p.

Reporting by Josh White for Sharecast.com.