Macfarlanes advises on Supermarket Income REIT’s oversubscribed £300m fundraise

27 April 2022

Macfarlanes has advised Supermarket Income REIT, the real estate investment trust providing secure, inflation-protected, long income from grocery property in the UK, on a £300m equity fundraise.

The fundraise comprised a placing and an offer for subscription and was upsized from the initial target of £175m. The fundraise was the first conducted by the REIT since its migration to London Stock Exchange’s main market from the Specialist Fund Segment in February 2022, on which Macfarlanes also advised.

The proceeds of the fundraise will be used by the REIT to make additional investments in accordance with its investment criteria, further diversifying the Group's portfolio and capitalising on its leading position in the UK supermarket real estate market.

The transaction was led by corporate M&A partner Robert Boyle, with assistance from senior counsel Mark Slade and solicitor Katya Lambert.

Macfarlanes has advised the company since its IPO in 2017, including on a significant number of fundraisings, debt financings and acquisitions.

Commenting on the transaction, Robert Boyle said: “Against a backdrop of poorly performing equity capital markets and significant global headwinds, this is an outstanding result for Supermarket Income REIT. We are delighted to have advised on this fundraise, which gives the REIT substantial firepower to make further investments in accordance with its investment strategy.”