4th Sep 2023 10:12
(Alliance News) - Home REIT PLC on Monday said its new investment manager is continuing to review all tenants and that property valuations and inspections, required to publish outstanding accounts and restore its shares, are still underway.
The London-based real estate firm, which invests in housing for homeless people, said AEW UK Investment Management LLP has now engaged with all of Home REIT's tenants, with a view to understanding the underlying occupancy of leased properties and abilities to meet rental demands. It is continuing to conduct due diligence on all tenants.
Home REIT said it is working to carry out valuations and inspections of all 2,473 properties in its portfolio, a "key workstream" required to publish its outstanding accounts and restore its shares to trading, with completion targeted for mid-November.
Home REIT shares were suspended in early January after it failed to published its annual report for the financial year that ended August 31, 2022.
The company on Monday said it does not expect to be in a position to publish outstanding accounts until late 2023 at the earliest.
The formerly FTSE 250-listed investor has been plagued by misfortunes over recent months, including allegations of wrongdoing by short-seller Viceroy Research in November 2022.
Tenants Serenity Support CIC and Redemption Project CIC entered creditors' voluntary liquidation in August. Home said it is engaging with the liquidators to "unlock" re-tenanting opportunities.
Home REIT's cash balance at August 31 was GBP13.5 million, including funds held on account with its lender, down from GBP18.9 million at May 23.
By Emma Curzon, Alliance News reporter
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