A FTSE-250 property investment company has agreed a deal to buy a Tesco supermarket and petrol station in Bristol for £84m.
Supermarket Income REIT has also acquired an Iceland food warehouse and non-grocery units in Bradley Stoke as part of the agreement, which excludes acquisition costs, it announced on Monday (September 26).
The 19.8-acre site includes a 74,717 sq ft net sales area Tesco with a 16-pump petrol filling station and 925 car parking spaces. The store is an online hub for Tesco, operating 20 home delivery vans and a click and collect facility.
Tesco has operated at the site since the 1980s and through an extensive refurbishment expanded the store in 2007. The site also includes units providing convenience and health services with tenants such as Boots, Greggs, Costa Coffee and Pets at Home.
Supermarket Income REIT is acquiring the site from from CBRE Investment Management. The Tesco store has an unexpired lease term of 14 years.
Ben Green, director of Atrato Capital, the investment adviser to Supermarket Income REIT, said: "We are very pleased to be adding this top trading omnichannel Tesco store to the portfolio together with the complementary essential retailers at this site."
The news comes as supermarket rival Sainsbury's confirmed that talks with real estate firm LXi REIT to sell 18 of its branches on a leaseback basis had collapsed.
The supermarket chain announced on September 21 that it was in talks to sell off a number of its stores in the South of England in a deal estimated to be worth around £500m. But on Monday, the chain said it was no longer in discussions with LXi REIT.
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