Home REIT adds 158 properties for £57m

Home REIT has just £36m left to spend after picking up a further 158 properties for £57.4m. The properties have added a further 711 bedrooms to the portfolio, bringing the total to 11,131. As with Home’s other properties, they are let on an average lease length of 25 years at low and sustainable rents, on full repairing and insuring leases to specialist registered homeless charities and community interest companies. The homeless accommodation REIT now has just £36m left of its oversubscribed May equity issue, which raised £263m. The properties were drawn from the REIT’s £300m acquisition pipeline, which has been under due diligence and legal negotiation since earlier this year. Gareth Jones, partner at Alvarium Home REIT Advisors, said: “These acquisitions add high-quality beds to our expanding portfolio and are aligned with our strategy to provide tailored and fit-for-purpose accommodation for people across the UK facing homelessness. “The transactions build on our strong track record of deploying funds swiftly and efficiently to secure assets that offer long-term sustainable income. As the societal challenge around homelessness becomes sadly more critical, we continue to source opportunities to grow the number of beds we can provide to help areas where this need is particularly acute.” To send feedback, e-mail piers.wehner@eg.co.uk or tweet @PiersWehner or @EGPropertyNews