Another of Home REIT’s key tenants has entered liquidation.
Supportive Homes CIC, which accounted for 11.3% of rents demanded in August 2023, has entered into creditors’ voluntary liquidation, with FRP Advisory appointed as liquidator.
Home REIT pointed out in a stock market announcement that the tenant was non-performing, and as such the liquidation “unlocks the ability for the company to re-tenant properties or carry out other asset management initiatives as soon as possible”.
It added that it was working with the liquidator to ensure a smooth handover that would minimise disruption to occupants.
In August, two tenants, Redemption and Serenity Support, which accounted for 12% of rents, entered liquidation.
Home REIT also took over 100 leases from another tenant, One CIC, later last month.
The REIT has been attempting to get its house in order after concerns about its tenant base led to it being unable to publish its accounts and shares being suspended since January.
It has since appointed AEW UK as its investment adviser, with a new strategy to focus on stability, even at the expense of its mission to house the homeless.
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