Supermarket Income REIT PLC (LSE:SUPR, OTC:SUPIF) has completed the internalisation of its management function, as approved by shareholders last week, bringing its former external fund managers into the company as chief executive officer and chief financial officer.
The grocery property investment company previously reached an agreement with external manager Atrato for a consideration of £19.7 million.
Today, Rob Abraham has been appointed as CEO and Mike Perkins as CFO, with both joining the board with immediate effect.
Welcoming the pair, chair Nick Hewson said: "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."
The company has said it expects annual cost savings of at least £4 million, equivalent to a 5% increase in earnings per share, which analysts said will result in the company having amongst the lowest EPRA cost ratios in the sector, with the company targeting 9%.