Home REIT PLC Response to media reports (5560M)
January 12 2023 - 6:01AM
UK Regulatory
TIDMHOME
RNS Number : 5560M
Home REIT PLC
12 January 2023
12 January 2023
Home REIT plc
("Home REIT" or the "Company")
Response to media reports
Home REIT notes recent press coverage regarding two of its
tenants, Big Help Group and Noble Tree Foundation, disputing their
rental obligations to the Company.
In its full response on 30 November 2022 to a short selling
report (the "Report"), the Company confirmed that it had no overdue
arrears in relation to amounts billed to 31 August 2022. Since the
publication of the Report, the Company has seen a general
deterioration in its rent collection position and neither Big Help
Group nor Noble Tree Foundation has paid rent contractually due for
the quarter to 30 November 2022.
The Company is reviewing all options to obtain payment of
overdue rent from its tenants and additionally is taking further
mitigating actions, including additional resourcing and increased
engagement with its tenants. In this regard the Company announces
that it is at a late stage of appointing a specialist supported
housing property manager that will assist the existing management
team with tenant liaison and monitoring, rent collection and
underlying asset performance. A further announcement on this will
be made in due course.
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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