We are pleased to announce that following shareholder approval on the 20th of March 2025, Supermarket Income REIT has successfully completed the internalisation of the Company’s management function.
The Internalisation delivers a number of benefits including:
- Significant cost savings of at least £4 million per annum, equivalent to a yield on a cost of c.19%
- Delivering the highest return on capital of any capital allocation option, whilst share buybacks and property acquisitions remain under consideration for future capital recycling
- Opportunity to achieve a material enhancement in EPRA earnings and long-term dividend cover, with the potential for higher future dividend growth
- A new EPRA cost ratio target of below 9%, one of the lowest in the sector
- Enhancing alignment between the Company, its management and shareholders
- Simplified management structure
- Improved access to capital and balance sheet flexibility
- Potential fee generation opportunities for the Company, leveraging the team’s expertise through joint ventures.
Accordingly, Rob Abraham and Mike Perkins have been appointed as Chief Executive Officer and Chief Financial Officer respectively, with both joining the Board with immediate effect.
Nick Hewson, Chair of Supermarket Income REIT, said:
“I am pleased to welcome Rob and Mike to the Board, following the completion of the internalisation of the Company’s management function. This represents a significant milestone for the Company, as we continue to make progress on our key strategic initiatives, which are designed to enhance earnings and continue to reduce the discount to NAV.
Rob and Mike have played an integral role in the business to date, and their deep understanding of SUPR’s strategy and operations will ensure a smooth transition and continued delivery of value for our shareholders.”
Read more in the RNS: polaris.brighterir.com/public/supr/news/rns/story/x563p9r
