GCW have advised UBS Asset Management on the acquisition of the Sainsbury’s in Hinckley for £45.2m reflecting 5%.
The 105,000 sq ft building is let to Sainsbury’s on a long lease running to 2041. The lease is subject to five-yearly RPI upwards-only rent reviews (capped and collared at between 1.5% and 3.5%). The building was developed by Tin Hat, a joint venture between Ashcroft and Wilson Bowden, and completed in 2015.
Gijsbert van Riemsdijk, head of transactions Europe at UBS, said: “This acquisition offered the opportunity for the fund to gain exposure to the UK’s supermarket sector. The move has proved particularly opportune against the backdrop of the sector’s resilience throughout the Covid-19-related volatility. Sainsbury’s represents an excellent covenant.”