Two of Home REIT’s tenants have entered liquidation in a further blow to the troubled business.
One of its largest tenants, Redemption Project CIC, has entered into creditors’ voluntary liquidation, with Begbies Traynor Group appointed as liquidator.
Redemption Project holds the tenancies of 152 properties in Home REIT’s portfolio, and accounted for 11% of the rent demanded in June.
Serenity Support CIC, which is the tenant of 10 of Home REIT’s properties and accounts for 1% of rents, has also entered into creditors’ voluntary liquidation, with Cornerstone Business Recovery appointed as liquidator.
Home REIT said earlier this week that it had collected just 7% of the £8.77m rent due for the last quarter.
The news comes as the REIT attempts to draw a line under its troubles, with a new investment policy that would see it effectively drop its focus on homelessness.
A general meeting for shareholders, who have been locked in since the REIT suspended its shares in January, has been called for 21 August. The REIT said it would present a new investment plan, but warned of at least three years of further pain for investors.
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