JTC Fund Services has provided a range of management, company secretarial, fund accounting and administration services in relation to the admission to trading in London of a unique £100 million investment vehicle focused on supermarket real estate assets across the UK.
Supermarket Income REIT plc, believed to be the only property investment company focused on the UK supermarket property sector, is managed by JTC AIFM Services, JTC’s Guernsey-licensed and AIFMD-compliant Management Company (ManCo). In addition, JTC’s London office is providing company secretarial, corporate governance, fund accounting and administration services.
Having undertaken an initial public offering, the Company succeeded in raising £100 million, with shares then admitted to trading on the specialist fund segment of the London Stock Exchange’s Main Market for listed securities. It has used the proceeds to buy stores that are rented on long leases to “institutional grade” tenants such as Tesco, Sainsbury’s, Asda and Morrisons. Most recently, it acquired a Sainsbury’s superstore in Ashford Kent for £80 million.
Commenting on the listing, Adam Moorshead, Managing Director, JTC, Guernsey, said: “JTC has a great deal of experience in supporting high value real estate listings work, this latest listing is particularly significant. Not only is it innovative in terms of the sector, it also demonstrates our multi-jurisdictional capabilities. Our UK office is providing company secretarial, governance, accounting and administrative services and the appeal of our Guernsey-based ManCo for investment fund management services is clearly underlined. ”
Steven Noble at Atrato Capital, the Investment Manager for Supermarket Income REIT plc, added: “JTC UK’s proven experience in London investment trust listings, together with JTC Group’s ability to provide a blend of specialist onshore and offshore management, corporate governance, company secretarial, administration and other corporate services makes them ideally placed to support this venture.”