NOT
FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART,
DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO
DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR
REGULATIONS OF SUCH JURISDICTION
THIS ANNOUNCEMENT CONTAINS INSIDE
INFORMATION
29 May 2024
Home REIT plc
("Home REIT" or the
"Company")
Agreement secured for surrender of
leases
The Company announces that it has reached an
agreement with Big Help ('Big Help' comprising; Big Help Homes CIC, Big Help Project Ltd, CG
Community Council, Dovecot & Princess Drive Community
Association, N-Trust Homes CIC and Select Social Housing
CIC) for the surrender of its leases on over 600 properties
which it leases from Home REIT, equating to circa. 30% of the
Company's portfolio by number of properties. These lease surrenders
completed on 28 May.
The Company and AEW have diligently analysed
the portfolio and its various tenancies to ensure there is a
comprehensive handover with minimal disruption to occupiers. The
properties are occupied by a mixture of private rented sector
("PRS") tenants on Assured Shorthold Tenancies ("ASTs") and social
tenants placed by local authorities on licences.
The tenancies will now transfer to Home REIT,
enabling the Company to directly collect the underlying income from
these properties, increasing rent collection and facilitating asset
management opportunities.
The Company will be appointing various Property
Managers to the surrendered properties, who will be responsible for
the day-to-day management and rent collection.
The transaction is in line with the Company's
investment policy to stabilise the portfolio and increase rent
collection. The current occupiers of the Properties will not be
impacted as a result of this transaction.
The Board and AEW have considered all options
and believe this achieves the best solution for the Company and its
shareholders, and allows the Company to gain control of the
properties, appoint property managers, collect the underlying
rental income and remove Big Help as a tenant from the
portfolio.
FOR
FURTHER INFORMATION, PLEASE CONTACT:
|
FTI Consulting (Communications
Adviser)
Dido Laurimore
Eve Kirmatzis
Oliver Harrison
|
HomeREIT@fticonsulting.com
+44 (0)20
3727 1000
|
The Company's LEI is:
213800A53AOVH3FCGG44.
For more information, please visit
the Company's website: www.homereituk.com