Supermarket Income REIT PLC (LON:SUPR) said it has successfully doubled the size of a fundraising to its target of £139.8mln from a substantially oversubscribed placing.

The investment trust said on Tuesday that it had raised the funds through the placing of around 135.7mln new shares at a price of 103p each, a 3.3% discount to its closing price on Monday.

READ: Supermarket Income REIT looks to double size of fundraising

After unveiling plans just over two weeks ago to raise £75mln, the company said that it was planning to double the planned fundraise last Friday after having received a strong level of support from investors and in light of the possibility of acquiring additional assets.

The company also said that it had undertaken a scaling back exercise as investor demand had substantially exceeded the proceeds raised.

Management at the REIT, which owns a portfolio of nine Tesco, Sainsbury’s and Morrisons supermarket stores, said earlier this month that the funds will allow it to purchase two supermarket properties with a value of around £115mln, with a further pipeline of assets having been identified with an approximate value of £180mln.

Amid the coronavirus crisis, Supermarket REIT chairman Nick Hewson said last month that the ability of supermarkets with omnichannel capabilities “has never been more important” to enable grocery groups to supply the local communities.

Shares in Supermarket Income REIT were up 0.5% at 107p in late-afternoon trading.