SUPERMARKET INCOME REIT PLC

(the “Company”) 

RECOMMENDED PROPOSED TRANSFER OF LISTING CATEGORY AND NOTICE OF GENERAL MEETING

Supermarket Income REIT plc (LSE: SUPR), announces that a circular (the “Circular”) in relation to the proposed transfer of the Company’s listing category from the closed-ended investment funds category to the equity shares (commercial companies) category of the Official List (the “Proposed Transfer”) is expected to be published today.

Background to and reasons for the Proposed Transfer

On 4 March 2025, the Company announced the proposed internalisation of its management function (the “Internalisation”), which became effective on 25 March 2025. At the time of the announcement of the Internalisation, the Company also stated its intention seek a transfer of its listing. The Board is pursuing the Proposed Transfer as it believes that the equity shares (commercial companies) category of the Official List is more suited to a UK REIT with an internalised management structure and business strategy as set out in the Circular, alongside the reasons set out below:

·    it will significantly improve comparability for investors, as the majority of internally managed UK REITs are listed on the equity shares (commercial companies) category;

·     the Company’s closest peers are listed under the equity shares (commercial companies) category;

·    the Company will benefit from improved operational flexibility, efficiency and accountability of the Group’s executive management to shareholders;

·   it will reduce the costs and administrative burden associated with being a closed-ended investment fund (in particular, AIFM costs), thereby simplifying the business model and enhancing shareholder returns. The Company will no longer need to have a licensed AIFM;

·  the Board has concluded that generating attractive shareholder returns also arguably requires a more commercial/active asset management approach and having the flexibility to pursue new strategies will be a key element of its ongoing success;

·     the Board believes that being categorised as a commercial company will increase investor demand both from the UK and overseas;

·     it will potentially attract a wider range of research analysts; and

·    the Board has consulted with certain shareholders, who are strongly supportive of the Proposed Transfer, particularly for the reasons outlined above.