Home REIT has spent £63m adding a further 829 beds to its portfolio.
The homeless accommodation specialist, which announced its first full-year results this morning, said it had bought 19 portfolios comprising 173 properties across England.
This brings its total to more than 6,500 beds in 1,251 properties across 102 local authorities. Home REIT has now spent £229m of the £350m raised in September’s equity issue, at a 5.91% yield.
Jamie Beale, partner at Alvarium Home REIT Advisors, said: “We have now deployed around 65% of the proceeds raised in September, which reflects the continual work that our team puts into identifying suitable properties and the deep network of relationships that we can access to build our pipeline of investment opportunities.”
He added: “As the need for accommodation for homeless people becomes ever more pressing in the wake of the pandemic, we are pleased with the momentum that we have been able to build behind our deployment, while maintaining our purposeful and responsible approach to investment.”
Home’s maiden results, for the year to 31 August, showed that the REIT had taken £11.75m in rent and made a pretax profit of £21m. The REIT’s portfolio, not including purchases made in the last two months, was valued at £328m, with net assets of £253m.
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