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Home REIT acquires 12 portfolios of properties for £64.3 million; agrees new debt facility
StockMarketWire.com
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Homeless property investment trust Home REIT said it had acquired a further 12 separate portfolios of properties located across England for an aggregate purchase price of £64.3 million.
'The properties are let at a low and sustainable rental level, on new, unbroken, long term, full repairing and insuring leases to six different specialist registered homeless charities and two housing associations,' the company said.
Each of the Properties was immediately income producing and the blended net initial yield of the properties was ahead of the company's target level.
Following the acquisition of the properties, the company's portfolio was diversified across 36 different local authorities and 11 tenants, with North East and North West of England accounting for nearly 50% of its geographical exposure.
The company also said it had finalised a 12-year £120 million interest-only debt facility with Scottish Widows.
At 8:09am: (LON:HOME) Home Retail Group PLC share price was 0p at 102.2p
Story provided by StockMarketWire.com
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