Home REIT tenant enters administration

Noble Tree Foundation, a homelessness charity accounting for about 7% of Home REIT’s rent, has gone into administration. The REIT said Noble Tree is classed as a “non-performing tenant” and is under inquiry by the Charity Commission.  It leases 143 properties from Home REIT and accounted for 7% of rent demanded in April. Home REIT said it is working with CBW Recovery, the administrator, to arrange the surrender of Noble Tree’s leases. It will then either relet the properties to a social use provider or appoint a property manager responsible for day-to-day management and rent collection.