The Sainsbury's store at Kidlington, Oxford Road, one of 26 properties in the target portfolio, in which a stake will be acquired by a joint venture involving Supermarket Income REIT. (Photo: Google Maps)

Supermarket Income REIT has entered into a 50-50 joint venture (JV) with British Airways Pension Fund to acquire a stake in a portfolio of 26 Sainsbury’s supermarkets.

The 25.5% stake is being acquired from British Land Plc for GBP102 million (USD125 million).

Supermarket Income REIT’s contribution to the JV is GBP51 million excluding costs.

The sum will be satisfied from the REIT's existing cash balances and credit facilities.

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By Shariffa Al-Habshee

Shariffa joined REITsWeek in 2017, and monitors Asia-Pacific REITs for the publication.