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The Company has performed strongly since its IPO, delivering on its stated objectives. In return, we have seen continued support from our initial shareholders and significant interest in the Company from prospective new investors. The Board believes that supermarket assets are currently one of the most attractive and secure asset classes for investors seeking both income and the potential for capital growth. Compared to other asset classes and other sectors within the property market, supermarket assets currently offer attractive yields. The Group has access to investment opportunities through the Investment Adviser's longestablished industry contacts and extensive knowledge of the sector. The Investment Adviser has achieved a prominent position in the supermarket property sector. This expertise and network of contacts provide the Investment Adviser with access to off-market and specialised opportunities. The Board and the Investment Adviser are confident of delivering strong returns for shareholders through a stable and growing income stream from the Portfolio, coupled with the potential for asset management upside. There is a strong pipeline of further assets which meet the Company's investment policy. Nick Hewson Chairman 5 February 2018 Investment Adviser's Report Atrato Capital Limited is the Investment Adviser to Supermarket Income REIT plc and is pleased to report on the operations of the Group for the Period. Overview In contrast to many asset prices, including some of those in the wider UK real estate sector, supermarket property yields have widened over the last few years. We believe that this presents a significant investment opportunity for investors. Supermarket operators appear to be entering a period of recovery, which should improve their covenant strength as tenants, at a time when the supermarket property investment market exhibits favourable supply and demand characteristics. The Company's investment policy is to invest in stores which deliver the future model of grocery in the United Kingdom. As grocery retailers are increasingly adopting a strategy of integrating online and offline shopping, with all the big 4 operators now utilising well located stores as last-mile fulfilment centres, the Group plans to predominantly acquire stores that operate both as physical supermarkets and online fulfilment centres via home delivery and/or click and collect. The intention is, therefore, to invest in high quality assets, with the following characteristics: · Future-proofed through operating as online fulfilment centres · Located in areas with large catchment populations and excellent transportation links · Strong underlying trading performance · Attractive property fundamentals with opportunities for active asset management To date, the Group has concentrated on investing in a portfolio of principally freehold and long leasehold properties let to Tesco and Sainsbury's which benefit from annual RPI rental uplifts, in desirable locations with low site cover.
Investment Activity The Group acquired four assets between the time of the IPO and 31 December 2017, at which point the Portfolio comprised the properties in the table below. Tenant Sainsbury's Tesco Tesco Tesco Location Ashford, Kent Thetford, Norwich Lime Trees, Bristol Cumbernauld, North Lanarkshire Acquisition month August August August December Purchase price (excl. acquisition costs) £79.8m £43.2m £28.5m £50.0m Valuation (31 December 2017) £83.2m £43.7m £29.1m £51.9m Passing annual rent £3.82m £2.56m £1.47m £2.83m Size (sq. ft.) 125,000
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DATE HEADLINE OUTLET SOURCE TYPE 05
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05-Feb-2018 Singapore Banks lead th
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05-Feb-2018 UK bank Lloyds follows
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05-Feb-2018 Lloyds to ban credit ca
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05-Feb-2018 Bitcoin purchases using
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05-Feb-2018 Banks ban credit card B
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04-Feb-2018 February's best Qantas
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04-Feb-2018 Defeat 'a bitter pill t
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04-Feb-2018 Property Transfers: Fra
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sale at risk as Nestle bows out - s
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***** WHAT'S ON THE RADAR FOR THE E
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egional STOXX are falling and no su
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hard to find any positive signs aro
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if your deadline is in June, you mi
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(Helen Reid) ***** EURO AREA PMIS C
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In a disastrous opening to the game
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Resources. Ryanair shares are indic
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after Friday's U.S. payrolls report
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--With assistance from Harumi Ichik
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9.11am GMT Some good news! The euro
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Treasuries to a four-year high. The
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Snippet London, 05 February 2018 --
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Client Service: 44 20 7772 5454 Rel
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organisations. That’s it: the net
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Fund to speed up the development of
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accounts opened in the Seychelles a
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Santander Consumer USA Holdings Inc
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Snippet | Herpreet Kaur Grewal news
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Nomura to cut London traders? There
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(Helen Reid) ***** MORNING CALL: SE
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'Defensively we made a couple of er
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Almagro, 8, CP 28010, Madrid ES0225
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China Construction Bank (Europe). S
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TO SPREAD TO EUROPE (0618 GMT) Good
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than 20,000 active BCAs. Banks can
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Tomorrow's Daily Telegraph front pa
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5 days ago 10 items Taking on Silic
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By WIRED News reports of security f
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Page 325 and 326: other purpose. We accept no respons
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Page 341 and 342: FINANCIAL STATEMENTS 1. BASIS OF PR
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Page 353: property costs) in the Period of £
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Page 365 and 366: 112,544 Equity Share capital 16 1,2
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Page 381 and 382: NOTES TO THE FINANCIAL STATEMENTS 9
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* The Investment Adviser estimates
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of any jurisdiction other than the
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of Tesco plc (the "Company") and it
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information provided to us by or on
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third party servicing. The Company
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Commission (TRC) should be revisite
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and services related to motorcycles
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not working as well for a law firm,
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Zacks.com
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crore. Ebitda loss at Rs 1 crore ve
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A report of motor vehicle vandalism
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Purchase First Tennessee Bank Expre
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we ran out of time. After that, I a
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Y7.6103500761035010.076103500761035
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INDUSTRIES1.92320019281235830.01923
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REP 1/1200 SER 8SUBJ TO XTRO100.01.
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Zealand Dollar 20180204 1.369301000
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Command instead of Control ^ on Mac
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the title of Gamesa. Through the As
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Citibank’s Citi Qantas Prestige V
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the central bank remains hesitant t
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BENCH: 16-Luca Bigi, 17-Nicola Quag
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3 Dan Cole (Leicester Tigers 77 cap
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LA TIMES: 5G BREAKS YOUR DNA AND GI
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Lewis Wind Power have been working
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interconnector was vital. “If the
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increased their patrols around the
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allowed if a product is faulty or n
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how much extra money the host count
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month. “It (KHRC) is expected to
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time low. The equity recorded a 0.4
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The SIA is working with other agenc
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apparently by selling lots and lots
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e another non-event. Carter Page Vi
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§ “These [white nationalists] ar
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women like Irene Birungi Mugisha, C
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Snippet Posted: Feb. 4, 2018 12:01
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24019, $131,000 01/19/2018. Vaughan
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Last Thursday at Carton House, coac
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Miles Bank of America Online Checki
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