Home REIT PLC Statement re Alvarium Home REIT Advisors Limited (5803L)
January 04 2023 - 2:00AM
UK Regulatory
TIDMHOME
RNS Number : 5803L
Home REIT PLC
04 January 2023
4 January 2023
Home REIT plc
("Home REIT" or the "Company")
Statement re Alvarium Home REIT Advisors Limited
The Company notes that on 30 December 2022 Alvarium RE Limited
entered into an agreement to sell Alvarium Home REIT Advisors
Limited ("AHRA"), the investment advisor to Home REIT plc, to a
newly formed entity owned by the management of AHRA funded by way
of a promissory note. These arrangements were made prior to the
recently completed merger and listing of Alvarium Investments
Limited in the US, and the sale also includes specific terms
allowing Alvarium RE Limited to re-acquire AHRA in the future for a
purchase price equal to the promissory note outstanding.
All contractual arrangements in the Investment Advisory
Agreement between Home REIT plc and AHRA (including fees, term and
service provision) remain unchanged.
FOR FURTHER INFORMATION, PLEASE CONTACT:
FTI Consulting (Communications HomeREIT@fticonsulting.com
Adviser) +44 (0)20 3727 1000
Dido Laurimore
Eve Kirmatzis
Ellie Perham-Marchant
Oliver Harrison
The Company's LEI is: 213800A53AOVH3FCGG44.
For more information, please visit the Company's website:
www.homereituk.com
About Home REIT plc
Home REIT plc seeks to contribute to the alleviation of
homelessness in the UK, whilst targeting inflation-protected income
and capital returns, by funding the acquisition and creation of a
diversified portfolio of high-quality accommodation assets across
the UK which are dedicated to providing accommodation to homeless
people. The accommodation assets are let or pre-let on very long
(typically 20 to 30 years) leases, containing inflation-linked or
fixed uplift rent review provisions, to registered charities,
housing associations, community interest companies and other
regulated organisations which have a proven operating track record
in providing low-cost accommodation to homeless people and which
receive housing benefit or comparable support from local or central
government to fund the provision of such accommodation to homeless
people.
There is a critical need for further accommodation for homeless
people in the UK, due to an increasing homeless population and a
lack of available and affordable high-quality, fit-for-purpose
stock to address the problem. Local housing authorities are under a
statutory duty to secure accommodation for individuals who are
unintentionally homeless and in priority need but current
accommodation for homeless people is limited in quantum and often
sub-standard and uneconomical.
The Company focuses on investing in and creating well-located
properties that provide a sustainable level of rent for the tenant.
Within the homeless accommodation assets, there is a focus on care,
support, training and rehabilitation to provide vulnerable homeless
people with the skills and confidence to find long-term
accommodation and enable them to reintegrate back into society.
Savings are expected to be made to local authorities and other
providers of accommodation to homeless people via lower rents
versus more expensive alternative accommodation.
The Company is listed on the premium segment of the Official
List of the UK Financial Conduct Authority and its Ordinary Shares
were admitted to trading on the main market of the London Stock
Exchange, premium segment, on 12 October 2020.
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END
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