London-listed UK real estate investment trust, Supermarket Income Reit (SUPR), has been granted a secondary listing on the JSE, it said on Monday.
The company's shares are included in the FTSE 250 Index and it has a market capitalisation of about £889m (R20.4bn).
The JSE has granted approval to SUPR for a secondary listing by way of the fast-track listing process, of all its 1.246-billion ordinary shares with a nominal value of one penny each, on the bourse’s main board in the Retail Reit’s sector, under the abbreviated name “SUPR” with share code “SRI” from December 13, the company said.
SUPR has a hand-picked portfolio of omnichannel supermarket properties, diversified by geography and tenant make-up. These stores not only support in-store shopping, but also operate as last-mile online grocery fulfilment centres for both home delivery and click and collect, providing SUPR's investors with exposure to leading future proofed stores in the growing UK and French grocery markets, according to its prelisting statement.
Its property portfolio comprises 73 properties, valued at £1.78bn at the end of June, let to established grocers in the UK and France including Tesco, Sainsbury’s, Carrefour, Marks & Spencer, Waitrose, Asda, Aldi, Lidl and Morrisons.
SUPR’s 73 assets, including 17 in France, have an annualised cash rental income of £113.1m.
The group funds its activities with a mix of equity and debt, diversified across a number of lenders on both a secured and unsecured basis.
SUPR says a listing on the JSE will afford it increased liquidity and tradability in the company's shares, further diversification of its shareholder base and the opportunity to raise future capital in a new market to fund further acquisitions.
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