Home REIT has acquired 11 portfolios in England for £48.1m, fully investing the net proceeds from its £240m initial public offering in October last year.
The REIT, which provides accommodation for homeless people, has added 543 beds across 83 properties in London, the North East, North West, South East, South West and West Midlands to its portfolio. These are leased to seven registered homeless charities.
The company’s combined portfolio now comprises 572 completed or unconditionally exchanged properties, representing a weighted average net initial acquisition yield of 5.8%.
Its portfolio covers 66 local authorities and 17 tenants.
Home REIT said it has significant remaining resources available to make further investments through its 12-year £120m debt facility.
Jamie Beale, partner at Alvarium Home REIT Advisors, said: “This compelling track record of careful deployment provides a strong foundation for future growth and we look forward to updating the market on further acquisitions to be made utilising the company’s low-cost, long-term £120m debt facility.
“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.”
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