5th Apr 2023 10:43
(Alliance News) - Home REIT PLC on Wednesday said it has received proposals from six possible investment advisers, and expects to make an appointment for the position in the coming weeks.
The London-based real estate investment trust said its current investment adviser, Alvarium Home REIT Advisors Ltd continues to work closely with the company, and will deliver "an orderly handover".
The company added that it is "giving particular consideration" to the potential sale of a small number of properties in order to help stabilise its property portfolio.
Meanwhile, Home REIT has agreed to repay GBP30 million to its lender, with the money having been held in a restricted account an not usable for working capital purposes under the terms of its facilities.
Following the payment, the company's outstanding debt will be reduced to GBP220 million, from GBP250 million, while the lender will also provide the firm with additional funds for general working capital purposes.
Alvarium, and Simpact Grop continue to engage with tenants to restore rent payments and maintain service provision for the occupants, Home REIT said,
Home REIT's shares were suspended from trading in London, after it failed to published its annual report for the financial year that ended August 31.
By Harvey Dorset, Alliance News reporter
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