Supermarket Income REIT plc announces an update in relation to its 50:50 joint venture with British Airways Pension Trustees Limited (the "JV"). The JV has a 51% beneficial interest in the Sainsbury's Reversion Portfolio (the "Portfolio"). The remaining 49% beneficial interest is held by Sainsbury's(1).

The Portfolio consists of the freeholds to 26 Sainsbury's supermarkets. The Company announces that Sainsbury's has exercised its second purchase option (of two) to acquire eight stores within the Portfolio. Sainsbury's acquisition of the eight stores will be completed in July 2023 upon expiry of the current occupational leases.

The purchase price under the option is to be determined based on the assumption of a new 20-year lease to Sainsbury's with the initial rent set at the higher of passing or open market, subject to upward-only, five yearly market rent reviews.