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Supermarket Income REIT
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==Visible income and growth potential== Supermarket Income REIT (SUPR), now listed on the Premium Segment of the London Stock Exchange (having initially listed on the specialist fund segment), invests in a diversified portfolio of supermarket property, let to leading UK supermarket operators on primarily long, RPI-linked leases. The investment objective is to provide an attractive level of income, with the potential for capital growth and a 7β10% pa total shareholder return target over the medium term. Since listing in July 2017, SUPR has paid increasing dividends and has generated consistently positive returns in line with its targets. Supermarket property has a long record of positive total returns. These have been underpinned by stable income, reflecting typically long lease commitments, a strong occupier covenant, and the non-cyclical nature of grocery retailing. SUPR predominantly targets omnichannel stores that operate both as physical supermarkets and as online fulfilment centres, in strong locations, with asset management potential. The company firmly believes that omnichannel stores represent the future model of grocery in the UK, being able to benefit from the expected continued growth of grocery sales, the increasing popularity of online purchasing and the key role that such assets play in the online business strategies of the tenant operators. '''Advised by Atrato Capital''' The company has an independent board of non-executive directors and has appointed Atrato Capital as investment adviser. The Atrato management team brings a very high level of experience and knowledge of the UK real estate sector, having advised on, structured and executed more than Β£5.0bn of supermarket transactions (including more than Β£1.5bn for SUPR) over the past decade. In March 2019, Justin King joined Atrato as a senior adviser. He is widely recognised as one of the UK's most successful grocery sector leaders, with a wealth of experience in the grocery sector and a deep understanding of grocery property strategy. He served as chief executive of J Sainsbury for 10 years until 2014, and before that was part of the leadership team at Marks & Spencer and previously held senior roles at Asda. Biographies for key members of the Atrato team can be found at the back of this report. Investment advisor fees are calculated according to a tiered structure, allowing shareholders to benefit more fully from portfolio growth and compare favourably in a sector context. 25% of the investment advisory fee is paid in shares and there is no performance fee. A revised investment advisory agreement in July 2021, ahead of the expiry in July 2022 of the initial agreement in place since IPO, extended the notice period to a rolling two-year term and introduced a new lower fee tier when NAV exceeds Β£2.0bn.
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