Home REIT has invested all proceeds from its initial public offering last year, after a further £47.1m in acquisitions.
The REIT, which invests in temporary and affordable accommodation, has purchased 14 separate portfolios, comprising 314 beds across 31 properties.
The purchases mean Home REIT has now invested the net proceeds of its £240m IPO and more than 40% of its £120m, 12-year debt facility. The remainder of this loan has been allocated to further identified projects. The REIT has not confirmed plans for new equity raises.
See also: The EG Interview: Home REIT on using private capital for public good
Home REIT now has a portfolio of 603 properties, with 3,330 beds. The portfolio reflects a weighted average net initial acquisition yield of 5.8% and average weekly rents of £94 per week.
Jamie Beale, a partner at Alvarium Home REIT Advisors, said: “Our track record of prudent deployment into attractive sustainable assets provides a strong platform for future growth and we look forward to driving further value for all our stakeholders and delivering a positive social impact for some of the most vulnerable members of society.”
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