Business
Acquisitions and Confirmation of REIT Status
Acquisitions and Confirmation of REIT Status.
About this update from Home Reit Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 3016F\n Home REIT PLC\n 16 November 2020\n \n \n \n \n \n \n \n 16 November 2020\n HOME REIT plc\n (\"Home REIT\" or the \"Company\")\n ACQUISITIONS AND CONFIRMATION OF REIT STATUS\n The Board of Home REIT plc (ticker: HOME), which funds the acquisition and creation of high-quality properties across the UK that are dedicated to providing accommodation to the homeless, is pleased to announce that the Company has acquired a further five separate portfolios of properties located across England (the \"Properties\") for an aggregate purchase price of £41.6 million (including acquisition costs).\n \n The Board is also pleased to announce that Home REIT recently became a group UK Real Estate Investment Trust.\n \n \n \n Jamie Beale, Partner at Alvarium Home REIT Advisors Limited, said\n \n :\n \n \"Since listing on 12 October 2020, we are delighted to have now purchased over £50 million of high-quality accommodation which will provide homes to approximately 800 vulnerable, homeless people across 141 properties. The Properties will address a critical need within local communities to provide housing solutions at low sustainable rents to registered charities who are proven to make a difference to the people they house, care for and support. We are also pleased to have acquired our first London assets, through opportunistic deals utilising our extensive network. All of the rent at the homeless accommodation will be funded by support from local and central government.\"\n \n The Properties will provide new, high quality accommodation to vulnerable, homeless people in need of housing, delivering critical solutions for women fleeing domestic violence, vulnerable women, prison leavers, and those faced with homelessness due to poverty.\n \n Each Property is immediately income producing and the blended net initial yield of the Properties is ahead of the Company's target level.\n \n Each of the Properties is let at a low and sustainable rental level, on new, unbroken 25-year full repairing and insuring (\"FRI\") leases to six different specialist registered homeless charities and one housing association, providing them with long term security of tenure. The charities and the housing association, regulated by the Charities Commission and Regulator of Social Housin...