Home REIT to take action against former investment manager

Home REIT, the troubled investor in accommodation for the homeless, is readying legal action against its former investment manager. In a stock market update, the company – shares in which are suspended – said it would bring legal proceedings “against those parties it considers are responsible for wrongdoing”, without specifying the nature of that wrongdoing. “To that end, the company has itself recently issued pre-action letters of claim to Alvarium Fund Managers (UK) Limited (its former alternative investment fund manager) and AlTi RE Limited, its former investment adviser’s appointed representative,” Home REIT said, adding that it intends to issue further pre-action correspondence “in due course”. The company also said it has issued “a comprehensive response” to a pre-action letter of claim received from Harcus Parker on behalf of certain shareholders. “The letter of claim alleges that the company, along with certain other parties, provided information to investors which was false, untrue and/or misleading,” Home REIT said. “The company intends vigorously to defend itself in respect of the threatened litigation and has denied the allegations made against it.” Home REIT added: “The company cannot comment any further on these issues at this stage as to do so may prejudice the company’s position in any potential proceedings.”