RNS Number : 9437Q
Home REIT PLC
04 June 2024
 

04 June 2024

Home REIT plc

("Home REIT" or the "Company")

 

Tenant update

The Company announces that Noble Tree Foundation Limited ("Noble Tree"), a tenant of 143 properties in the Company's portfolio and representing c.7% of rent demanded in April, has entered into administration. Noble Tree is a non-performing tenant. On 2nd October 2023 the Charity Commission launched a statutory inquiry into Noble Tree.

 

The Company and AEW are working closely with the appointed administrator, CBW Recovery LLP, to arrange the surrender of Noble Tree's leases and a comprehensive handover of its tenancies. Underlying residents of the properties will not be impacted by the surrender of Noble Tree's tenancies.

 

The occupied properties leased by Noble Tree are let to private rented sector ("PRS") tenants on Assured Shorthold Tenancies ("ASTs"). Following the surrender of Noble Tree's leases, the tenancies will transfer to Home REIT. This will enable the Company to collect underlying income from the properties, increasing rent collection and facilitating other asset management activities.

 

In line with the Company's Investment Policy to stabilise the portfolio and increase rent collection, the Company will either relet the properties to a social use provider or appoint a property manager, who will be responsible for the day-to-day management and rent collection.

 

FOR FURTHER INFORMATION, PLEASE CONTACT:

 

FTI Consulting (Communications Adviser)

Dido Laurimore

Eve Kirmatzis

Oliver Harrison

HomeREIT@fticonsulting.com

+44 (0)20 3727 1000 

 

The Company's LEI is: 213800A53AOVH3FCGG44.

 

For more information, please visit the Company's website: www.homereituk.com

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
UPDBIGDLXXGDGSX