Home REIT, which provides accommodation for homeless people, is nudging closer to being fully invested after buying a further £69.5m of assets.
The REIT, which was launched in October 2020, has added a further 11 properties across England, taking its total portfolio to 489 assets. The firm has now deployed more than £184m of total capital since its IPO, representing 78% of the net proceeds raised.
Home REIT said it was in advanced negotiations on a significant pipeline of assets to allow for the deployment of the remaining £48m of IPO proceeds and its recently announced a £120m debt facility with Scottish Widows.
See also: The EG Interview: Home REIT on using private capital for public good
Jamie Beale, partner at Alvarium Home REIT Advisors, said: “Our combined portfolio provides much-needed high-quality accommodation, housing 2,500 vulnerable homeless people across the UK.
“We have an attractive pipeline of acquisitions that will enable us to continue to deliver a positive social impact for some of the most vulnerable members of society, through providing critically needed accommodation to those at risk of homelessness, let at low, sustainable rents to our tenant partners, who are proven to make a difference to the people they house, care for and support.”
Home REIT’s portfolio currently spans 52 local authorities with 14 charity and housing association tenants. It is most exposed to the East Midlands and North East, where 18.7% and 17% of its portfolio is situated. The West Midlands comprises 15.1% of its portfolio, the North West 13.4%, London 8.8%, Yorkshire and the Humber 8.5%, the South West 7.2%, the East of England 6.2% and the South East 5.1%.
Home REIT has also become an official foundation partner of LandAid, the property industry charity working to end youth homelessness across the UK.
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