The British Airways pension fund and Supermarket Income REIT partnership has invested 拢115m (鈧�133m) to double its stake in a UK portfolio of supermarket properties to 51%.
Supermarket Income REIT said the 50:50 joint venture has acquired the additional 25.5% stake from an Aviva Investors managed fund.
In May last year, British Airways Pension Trustees formed the joint venture with Supermarket Income REIT and acquired an initial 25.5% stake from the portfolio from British Land.
Following this second acquisition, Sainsbury鈥檚 will hold the remaining 49% stake in the portfolio, Supermarket Income REIT said.
The Portfolio was originally created through two sale and leaseback transactions by Sainsbury鈥檚 in 2000 and consists of the freehold interest in 26 Sainsbury鈥檚 supermarkets. It is a geographically diverse portfolio of stores with a London and south-east bias.
Nick Hewson, chairman of Supermarket Income REIT, said: 鈥淭his acquisition increases the size of our investment in this high-quality Sainsbury鈥檚 property portfolio through our joint venture with British Airways Pension Trustees Limited.
鈥淲e will work closely with our tenant and co-owner, Sainsbury鈥檚, to deliver a long term occupational solution for them.鈥�
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