INVESTMENT ADVISER UPDATE

RNS Number : 3569E

Home REIT PLC

10 March 2022

 

10 March 2022

HOME REIT plc

("Home REIT" or the "Company")

INVESTMENT ADVISER UPDATE

The Board of Home REIT announces that Jamie Beale, part of the Company's management team at Home REIT Advisors Limited (the "Investment Adviser"), will shortly leave the Investment Adviser for personal reasons. Gareth Jones, who has acted alongside Jamie since the Company's inception as Fund Manager and CFO, remains in this role and will continue to be supported by the wider team at the Investment Adviser, including Charlotte Fletcher as Head of Transactions.

The Board is grateful to Jamie for his contribution towards building a portfolio of over 8,000 beds, providing high quality, much needed accommodation for vulnerable, homeless people. Jamie will remain at the Investment Adviser for the next six months, ensuring a smooth transfer of his duties.

Lynne Fennah, Chairman of the Company, commented:

"We would like to thank Jamie for the huge contribution that he has made to the Company over the past 18 months and he leaves with our heartfelt thanks and best wishes for his future endeavours.

Gareth has been integral to the compelling performance of the Company and we look forward to continuing to build on the success he and the wider management team has achieved to date in combating the endemic challenge of homelessness in the UK."

As announced on 25 January 2022, the Company has fully deployed the proceeds raised in its significantly oversubscribed £350 million equity issue in September 2021. The Company continues to maintain a strong pipeline of opportunities that meet the requirements of its distinct strategy and will update investors shortly regarding the deployment of the Company's debt facility.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Home REIT plc Lynne Fennah	Via FTI Consulting below
Alvarium Securities Limited Mark Thompson Eddie Nissen Oliver Kenyon	[phone] [phone] [phone]
FTI Consulting (Communications Adviser) Claire Turvey Eve Kirmatzis Ellie Perham-Marchant Oliver Harrison	[e-mail] [phone]

The Company's LEI is: 213800A53AOVH3FCGG44.

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

About Home REIT plc

Home REIT plc seeks to contribute to the alleviation of homelessness in the UK, whilst targeting inflation-protected income and capital returns, by funding the acquisition and creation of a diversified portfolio of high-quality accommodation assets across the UK which are dedicated to providing accommodation to homeless people. The accommodation assets are let or pre-let on very long (typically 20 to 30 years) leases, containing inflation-linked or fixed uplift rent review provisions, to registered charities, housing associations, community interest companies and other regulated organisations which have a proven operating track record in providing low-cost accommodation to homeless people and which receive housing benefit or comparable support from local or central government to fund the provision of such accommodation to homeless people.

There is a critical need for further accommodation for homeless people in the UK, due to an increasing homeless population and a lack of available and affordable high-quality, fit-for-purpose stock to address the problem. Local housing authorities are under a statutory duty to secure accommodation for individuals who are unintentionally homeless and in priority need but current accommodation for homeless people is limited in quantum and often sub-standard and uneconomical.

The Company focuses on investing in and creating well-located properties that provide a sustainable level of rent for the tenant. Within the homeless accommodation assets, there is a focus on care, support, training and rehabilitation to provide vulnerable homeless people with the skills and confidence to find long-term accommodation and enable them to reintegrate back into society. Savings are expected to be made to local authorities and other providers of accommodation to homeless people via lower rents versus more expensive alternative accommodation.

The Company is listed on the premium segment of the Official List of the UK Financial Conduct Authority and its Ordinary Shares were admitted to trading on the main market of the London Stock Exchange, premium segment, on 12 October 2020.

 

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