Supermarket Income Reit (SUPR): Debt-funded UK pipeline deployment

This situation live

SUPR Supermarket Income Reit

£1,134m · 83.5p · +4% since the first step

14 Nov 2025 · Targeting pipeline; debt capacity to be deployed · −2% until the next step Upon full deployment of SUPR's debt capacity into near term pipeline opportunities, the Company expects Carrefour to represent c.10% of its gross asset value.

20 Nov 2025 · Asda deal agreed; JV transfer pending due diligence · +3% until the next step The transfer of these assets to the JV is expected to occur by 31 December and further details will be provided following completion.

24 Dec 2025 · Three UK stores completed; LTV pro-forma 43% · +3% until the next step Assumes the Company's five stores are transferred to the JV as previously announced, following completion of due diligence; this transaction is included within the £400 million capital recycling total

11 Mar 2026 · JV proceeds fully redeployed; LTV 43% pro-forma · +5% until the next step Robust balance sheet following the Company's debut bond issuance in July 2025, with an LTV of 43% (including post balance sheet events)

15 Jul 2026 · £100m equity raise launched to fund pipeline · +1% until the next step The Issue is conditional upon, inter alia, the resolution required to implement the Issue being duly passed by holders of Ordinary Shares ("Shareholders") at the general meeting of the Company expecte

15 Jul 2026 · Retail offer launched alongside placings · +1% until the next step The Retail Offer (and the Placing) are conditional on, among other things, (i) the resolution required to implement the Retail Offer (and the Placing) being duly passed by shareholders at a general me

15 Jul 2026 · Three-store contracts exchanged; completion due September · +1% until the next step it has exchanged contracts to acquire an attractive portfolio of three supermarkets (the "Portfolio") for £118 million in aggregate, at an average net initial yield ("NIY") of 6.9%1, which is due to c

15 Jul 2026 · Equity raise priced; awaiting shareholder approval · +1% until the next step The net proceeds of the Issue, alongside prudent use of leverage, will enable the Company to fund the acquisition of the advanced pipeline of nine assets for approximately £216 million.

21 Jul 2026 · Equity raised; awaiting shareholder approval · −7% until the next step The net proceeds, combined with leverage, will fund the acquisition of nine assets for approximately £216m.

11 Sep 2026 · Six assets acquired; equity raise fully deployed · +4% until the next step the proceeds from the £100 million equity raise in July 2026 have now been fully deployed

16 Sep 2026 · Raise deployed; three-supermarket purchase pending · −1% since Exchanged contracts to acquire an attractive portfolio of three supermarkets for £118 million

Large acquisition / reverse takeover

Debt-funded UK pipeline deployment

Raise deployed; three-supermarket purchase pending

Next: Completion of three-supermarket £118m purchase

Every step · 11

14 Nov 2025 Targeting pipeline; debt capacity to be deployed – Upon full deployment of SUPR's debt capacity into near term pipeline opportunities, the Company expects Carrefour to represent c.10% of its gross asset value. ↗
20 Nov 2025 Asda deal agreed; JV transfer pending due diligence – The transfer of these assets to the JV is expected to occur by 31 December and further details will be provided following completion. ↗
24 Dec 2025 Three UK stores completed; LTV pro-forma 43% – Assumes the Company's five stores are transferred to the JV as previously announced, following completion of due diligence; this transaction is included... ↗
11 Mar 2026 JV proceeds fully redeployed; LTV 43% pro-forma – Robust balance sheet following the Company's debut bond issuance in July 2025, with an LTV of 43% (including post balance sheet events) ↗
15 Jul 2026 £100m equity raise launched to fund pipeline – The Issue is conditional upon, inter alia, the resolution required to implement the Issue being duly passed by holders of Ordinary Shares ("Shareholders")... ↗
15 Jul 2026 Retail offer launched alongside placings – The Retail Offer (and the Placing) are conditional on, among other things, (i) the resolution required to implement the Retail Offer (and the Placing) being... ↗
15 Jul 2026 Three-store contracts exchanged; completion due September – it has exchanged contracts to acquire an attractive portfolio of three supermarkets (the "Portfolio") for £118 million in aggregate, at an average net... ↗
15 Jul 2026 Equity raise priced; awaiting shareholder approval – The net proceeds of the Issue, alongside prudent use of leverage, will enable the Company to fund the acquisition of the advanced pipeline of nine assets... ↗
21 Jul 2026 Equity raised; awaiting shareholder approval – The net proceeds, combined with leverage, will fund the acquisition of nine assets for approximately £216m. ↗
11 Sep 2026 Six assets acquired; equity raise fully deployed – the proceeds from the £100 million equity raise in July 2026 have now been fully deployed ↗
16 Sep 2026 Raise deployed; three-supermarket purchase pending – Exchanged contracts to acquire an attractive portfolio of three supermarkets for £118 million ↗

What is happening

Supermarket Income Reit: Debt-funded UK pipeline deployment – Raise deployed; three-supermarket purchase pending. ['Raise deployed; three-supermarket purchase pending']

In short: Since Nov 2025 SUPR has redeployed Blue Owl JV proceeds into debt-funded acquisitions. It raised £100m gross at 83p on 15 Jul 2026 and acquired six assets for £104m on 11 Sep 2026. The 16 Sep 2026 results confirm £222m of acquisitions at a 6.6% yield. LTV is 43.9% and FY26 EPRA EPS fell 4.1% to 5.7p. The £118m three-supermarket purchase is still to complete.
Announced: 14 Nov 2025 · Targeting pipeline; debt capacity to be deployed
Latest: 16 Sep 2026 · Raise deployed; three-supermarket purchase pending
Acquired 11 Sep: Six grocery assets for £104m, including Sainsbury's Macclesfield, Morrisons Leeds and an Avonmouth distribution centre
Funding: £100m equity raise in July 2026 plus leverage, fully deployed
Average yield: 6.6% net initial yield
WAULT: 10 years across the pipeline
Pending: Three supermarkets for £118m, contracts exchanged
Acquisitions: £222m across nine grocery assets post year-end
Dividend target: 6.30p for FY27, a 2% increase
Pipeline: Actionable pipeline of over £500m

What comes next

Completion of three-supermarket £118m purchase.

From the company's own announcements. Not investment advice.

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