Home REIT has spent £166.4m of the £350m it raised in its oversubscribed £350m September equity issue.
In less than one month the homeless accommodation specialist has bought 23 portfolios comprising 366 properties across England and Wales.
The properties were all drawn from the company’s £400m acquisition pipeline, which has been under due diligence and legal negotiation since earlier this year.
The acquisitions have added 1,850 beds to the portfolio, bringing the total to just under 5,700, and include Home REIT’s first acquisition in Wales.
All the properties are let on an average lease length of 25 years at low and sustainable rents, on new, unbroken, long-term, full repairing and insuring leases to 12 different specialist registered homeless charities, including three that are new to the tenant base.
Home REIT said the blended net initial yield was “ahead of expectations”.
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