5th Aug 2022 09:37
Home REIT PLC - London-based homeless accommodation investor - Buys 199 properties located across England for a total of GBP85.1 million, including acquisition costs. Home REIT says the properties add a further 869 beds for those in need to the portfolio, bringing the total to 10,421. Says these acquisitions were funded by net proceeds raised via the company's oversubscribed GBP263 million equity issue in May this year, and it has now deployed a total of GBP70 million of the proceeds of the placing.
Partner Charlotte Fletcher says: "This latest tranche of acquisitions represents a significant expansion of our portfolio and allows us to scale up our support for homeless people across the UK."
Each of the properties is immediately income producing, Home REIT says. The properties are let for an average length of 25 years at low rents on insuring leases to specialist registered homeless charities and community interest companies. The blended net initial yield of the portfolio is ahead of expectations, it says.
Late last month, the real estate investment trust was promoted to the FTSE 250 index.
Current stock price: 120.20 pence
12-month change: up 7.3%
By Xindi Wei; [email protected]
Copyright 2022 Alliance News Limited. All Rights Reserved.
Related Shares:
Home Reit