5
November 2024
SUPERMARKET INCOME REIT
PLC
(the
"Company")
INTENTION TO AMEND INVESTMENT
ADvisory agreement
Supermarket Income REIT plc (LSE:
SUPR), the real estate investment trust with secure,
inflation-linked, long-dated income from grocery property,
announces it has reached an agreement with its investment adviser,
Atrato Capital Limited (the "Investment Adviser"), which will see
the basis of the management fee calculation move from net asset
value to market capitalisation, effective from 1 July 2025. The
current fee thresholds and rates applied to the net asset
value-based calculations will be retained in the updated agreement,
as shown below (the "IAA Fees").
|
Threshold
|
Fee rate on revised market
capitalisation basis
|
|
Up to
£500 million
|
0.95%
|
|
Between
£500 million to £1 billion
|
0.75%
|
|
between
£1 billion to £1.5 billion
|
0.65%
|
|
Between
£1.5 billion to £2 billion
|
0.45%
|
|
Above £2
billion
|
0.40%
|
It is also proposed that the Company
will transfer its outsourced AIFM, Company Secretarial and payments
processing functions to the Investment Adviser, subject to a
separate fee.
A combination of the change in IAA
Fees to market capitalisation and transfer of the above functions
to the Investment Adviser will deliver material cost savings to the
Company.
The finalisation of the new
agreements will be subject to shareholder approval and UK Listing
Rule 11.5.12. Further detail will be announced as
appropriate.
Nick Hewson, Chair of Supermarket Income REIT,
said:
"We have worked closely with the Investment
Adviser to identify ways to deliver both material cost savings and
even closer alignment with the interests of the Company and its
shareholders. Once documented, these initiatives are expected to
enhance earnings and are an important step towards our goal of
having one of the lowest EPRA cost ratios in the UK REIT
sector."
|
FOR FURTHER
INFORMATION
|
|
|
Atrato Capital
Limited
|
+44 (0)20 3790
8087
|
|
Rob Abraham / Mike Perkins / Chris
McMahon
|
ir@atratocapital.com
|
|
Stifel
Nicolaus Europe
Limited
|
+44 (0)20 7710
7600
|
|
Mark Young / Rajpal Padam / Madison
Kominski
|
|
|
|
|
|
Goldman Sachs
International
Tom Hartley / Hannah Mackey
|
+44 (0)20 7774 1000
|
|
|
|
|
FTI
Consulting
|
+44 (0)20 3727
1000
|
|
Dido Laurimore / Eve Kirmatzis / Andrew
Davis
|
SupermarketIncomeREIT@fticonsulting.com
|
NOTES TO
EDITORS:
Supermarket Income REIT plc (LSE: SUPR) is
a real estate investment trust dedicated to investing in grocery
properties which are an essential part of the feed the nation
infrastructure. The Company focuses on grocery stores which are
omnichannel, fulfilling online and in-person sales. The Company's
supermarkets are let to leading supermarket operators in the UK and
Europe, diversified by both tenant and geography.
The Company's assets earn long-dated, secure,
inflation-linked, growing income. The Company targets a progressive
dividend and the potential for capital appreciation over the longer
term.
The Company is listed on the Closed-ended
investment funds category of the FCA's Official List and its
Ordinary Shares are traded on the LSE's Main
Market.
Atrato Capital Limited is the Company's
Investment Adviser.
Further information is available on the
Company's website www.supermarketincomereit.com
LEI: 2138007FOINJKAM7L537
Stifel Nicolaus Europe Limited, which is authorised and
regulated in the United Kingdom by the Financial Conduct Authority,
is acting exclusively for Supermarket Income REIT plc and no one
else in connection with this announcement and will not be
responsible to anyone other than the Company for providing the
protections afforded to clients of Stifel Nicolaus Europe Limited
nor for providing advice in connection with the matters referred to
in this announcement.
Goldman Sachs International, which is authorised by the
Prudential Regulation Authority and regulated by the Financial
Conduct Authority and the Prudential Regulation Authority in the
United Kingdom, is acting exclusively for Supermarket Income REIT
plc and no one else in connection with this announcement and will
not be responsible to anyone other than the Company for providing
the protections afforded to clients of Goldman Sachs International
nor for providing advice in connection with the matters referred to
in this announcement.
