Home REIT PLC Surrender of leases (8132U)
28 November 2023 - 8:00AM
UK Regulatory
TIDMHOME
RNS Number : 8132U
Home REIT PLC
28 November 2023
FOR IMMEDIATE RELEASE
28 November 2023
Home REIT plc
("Home REIT" or the "Company")
Surrender of leases
The Company announces that it has reached an agreement with Eden
Safe for the surrender of its leases on 38 properties (the
"Properties") which it rents from Home REIT, equating to c.2% of
the Company's portfolio by number of properties. Eden Safe has not
paid rent to the Company since October 2022.
The majority of the properties are occupied by private rented
sector ("PRS") tenants on Assured Shorthold Tenancies ("ASTs").
These ASTs will now transfer to Home REIT, enabling the Company to
directly collect the underlying income from these properties,
increasing rent collection and facilitating asset management
opportunities.
The Company will be appointing Centrick as Property Manager to
the Properties. Centrick is a national residential property
services company, which already manages 25 of the Properties, and
will be responsible for the day-to-day management and rent
collection.
The annual contracted rent due from Eden Safe on the Properties
was GBP1.14m, which accounted for c.2% of the Company's annual
contracted rent as at 31 October 2023.
The transaction is in line with AEW's strategy as Investment
Manager to stabilise the Company's portfolio and increase rent
collection. The current occupiers of the Properties will not be
impacted as a result of this transaction.
The person responsible for arranging the release of this
announcement on behalf of the Company is FTI Consulting.
FOR FURTHER INFORMATION, PLEASE CONTACT:
FTI Consulting (Communications HomeREIT@fticonsulting.com
Adviser) +44 (0)20 3727 1000
Dido Laurimore
Eve Kirmatzis
Ellie Perham-Marchant
Oliver Harrison
The Company's LEI is: 213800A53AOVH3FCGG44.
For more information, please visit the Company's website:
www.homereituk.com
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END
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