Macfarlanes advises Supermarket Income REIT on £100m equity fundraise and portfolio acquisition

Macfarlanes has advised Supermarket Income REIT, the FTSE 250 grocery property investor, on its £100 million equity fundraise. 

The proceeds will be used to fund a pipeline of UK grocery assets, including the acquisition of a portfolio of three well-established stores with strong trading histories in Manchester, Edinburgh and Halifax. Macfarlanes also advised on this portfolio acquisition.

The equity fundraise comprised an institutional placing conducted through an accelerated bookbuild, a placing to selected investors in South Africa and a retail offer made through RetailBook.

The Macfarlanes team on the equity fundraise was led by M&A Partner Richard Burrows, with support from Senior Counsel Mark Slade and Associate Abdi Buwe. Tax advice was provided by Tax Partner Jeremy Moncrieff and Associate Luke Silverman. 

The team on the portfolio acquisition was led by Real Estate Partner Nick Barnes and M&A Partner Justin Hope, with support from Senior Counsel Mark Slade and Associates Anna Gillespie and Imogen Courtney. Tax advice was provided by Partner Jeremy Moncrieff with Associates Luke Silverman and Sam Shilliam.

Commenting on the fundraise,  Richard Burrows said: “We were delighted to support our long-standing client Supermarket Income REIT on this fundraise, which will enable the company to continue to execute its growth strategy and marks a significant step towards its ambition of doubling its portfolio.” 

Commenting on the portfolio acquisition, Nick Barnes said: “We are proud to have supported Supermarket Income REIT again on its acquisition of high-quality grocery assets deploying a team from across our real estate, corporate and tax teams.”