Home REIT investment adviser Alvarium has hired a specialist social housing property manager in a “significant investment”.
Simpact Group will provide muscle in monitoring and reviewing the portfolio, following the revelation that a number of tenants are withholding rents. This, in turn, follows concerns raised by shortseller Viceroy Research, which have not been entirely put to bed by Home REIT’s rebuttals.
Simpact currently manages and oversees a social housing portfolio covering over 100 local authorities across England and Wales. The appointment will result in a team of 40 individuals supporting Alvarium in carrying out the review and delivering an increased level of disclosure.
The REIT is currently conducting an enhanced audit following the allegations made by Viceroy.
Home REIT said its “key priority” was the publication of its audited financial statements for the year to 31 August 2022, which have been delayed since last year.
The REIT said its adviser had “continued to work tirelessly” with its auditor, BDO, with “all parties working over the Christmas break so that this can be accomplished as soon as possible”.
The REIT said its results would not be published before the end of the month, after BDO requested substantial data sets across Home REIT’s portfolio of more than 2,400 properties.
“The company will continue to work with BDO so that it is able to publish the results as soon as is practically possible,” Home REIT said.
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