12/11/2025
Cleaver Fulton Rankin Advises on £25.6m Tesco Craigavon Acquisition
Cleaver Fulton Rankin has advised Supermarket Income REIT plc (SUPR) on its £25.6 million acquisition of the Tesco Extra store and petrol station in Craigavon, Northern Ireland.
The 8.6-acre site includes a 130,000 sq. ft. Tesco Extra, serving as a key omnichannel hub for the region. The asset is let on a 15-year unexpired lease, delivering a 6.5% net initial yield. Rent is indexed to the Consumer Prices Index (CPI), with five-year reviews capped and floored between 0% and 4%, compounding annually.
Cleaver Fulton Rankin advised on all legal aspects of the transaction, including title structuring, cross-border coordination, and negotiation of commercial terms.
The transaction was led by Patrick O’Hanlon, Director at Cleaver Fulton Rankin, supported by Michael Boyce and Cara Smart.
Patrick commented:
“This is a strategically significant acquisition - a £25.6 million investment into a prime regional asset delivering CPI-linked, inflation-protected income under a long lease.
I’m grateful to my colleagues Michael Boyce and Cara Smart for their precision and commitment, and to the SUPR team for their clarity and collaboration throughout. Their approach made it possible to deliver a complex, cross-border transaction effectively and on time.”
This deal rounds off a strong year for Cleaver Fulton Rankin’s Real Estate team, which has advised on major transactions like the Energia and Dalata Hotel Group acquisitions, and supported a wide range of projects - from social housing schemes to hotel developments, retail lettings, and strategic land deals.
Find out more about Cleaver Fulton Rankin’s Commercial Real Estate expertise: https://cleaverfultonrankin.co.uk/area-of-expertise/commercial-real-estate/