Ground Rents Income Fund plc ("GRIO" or "the Company")

Alternative Investment Fund Manager ("AIFM") team changes

The Company announces that James Agar, fund manager for the Ground Rents Income Fund since its IPO in 2012, has stepped down from his role at Schroder Real Estate ("Schroders").

Schroders was appointed as Alternative Investment Fund Manager to the Company in May 2019 with the aim of supporting the Board in dealing with the headwinds facing the sector as well complex legacy issues such as the Beetham Tower litigation.  Schroders' appointment included hiring a team of seven people based in Manchester from the previous manager, Brooks Macdonald, which included James Agar and Chris Leek, Deputy Fund Manager. 

Following James's departure, Chris Leek assumes day to day responsibility for the GRIO portfolio, reporting to Nick Montgomery, Head of UK Real Estate. Chris will continue to be based in Manchester with the core GRIO team and new hires that are being made by Schroders in its Manchester office. The Board and shareholders continue to benefit from Schroders' wider specialist investment, legal, governance and risk management teams that are supporting the delivery of the strategy, including the recent Beetham Tower disposal.

The Board remains supportive of the Schroders team and its ability to execute the strategy set out in the interim results, which is focussed on delivering improved returns for shareholders in advance of the Company's continuation vote, which is to take place no later than August 2023.

Enquiries:

Schroder Real Estate Investment Management Limited

Nick Montgomery / Matthew Riley / James Lowe / Chris Leek

020 7658 6000

Singer Capital Markets (Broker)

James Maxwell / Kailey Aliyar (Investment Banking)

Sam Greatrex (Sales)

020 7496 3000

Appleby Securities (Channel Islands) Limited (Sponsor)

Andrew Weaver / Chris Smedley

01534 888 777

FTI Consulting

Dido Laurimore / Richard Gotla

0203 727 1000