Home REIT on track to deploy IPO funds

Home Reit, the UK investor focusing on assets providing accommodation to the homeless, has acquired a further 11 portfolios across England for a total of £69.5 mln (€80 mln).

The investments add a further 798 beds across 171 properties in Yorkshire and the Humber, the East Midlands, the South West, London, the South East, the West Midlands, and the North West. The Properties are let at a low and sustainable rental level, on new, unbroken, long term, full repairing and insuring leases to eight different specialist registered homeless charities and one specialist housing association.

The company has now deployed over £184 mln of total capital since its IPO, representing 78% of the net proceeds raised at IPO. It is in advanced negotiations on a 'significant pipeline' of attractive assets, it added.
'We are pleased to have carefully deployed over 75 per cent. of the net IPO proceeds in the three months since our IPO,' said Jamie Beale, partner at Alvarium Home REIT Advisors Limited. 'Our combined portfolio provides much-needed high quality accommodation, housing c. 2,500 vulnerable homeless people across the UK. We have an attractive pipeline of acquisitions that will enable us to continue to deliver a positive social impact for some of the most vulnerable members of society, through providing critically needed accommodation to those at risk of homelessness, let at low, sustainable rents to our tenant partners, who are proven to make a difference to the people they house, care for and support.'

All the rent payable by Home Reit's tenants is funded by support from local and central government.


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