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Home REIT PLC on Wednesday said Alvarium RE Ltd agreed to sell the real estate investment trust’s investment advisor.
London-based Home REIT, which focuses on accommodation for homeless people, said Alvarium agreed to sell Alvarium Home REIT Advisors Ltd to a newly formed entity.
The new entity will be owned by the management of AHRA and funded by a promissory note.
This was arranged before the recently completed merger and listing of Alvarium Investments Ltd in the US, while the AHRA sale also includes a clause allowing Alvarium to re-acquire AHRA in the future for a price equal to the promissory note outstanding.
It comes after Home REIT on Tuesday said it temporarily suspended shares from trading in London, after failing to publish its annual financial report within four months after the end of its financial year on August 31, in accordance with Financial Conduct Authority regulations.
It said this was due to a delay from its independent auditor BDO LLP. It added it intends to request a restoration of its listing upon publishing its financial 2022 results, which it expects ‘as soon as practicable’.
Home REIT has also been in dispute for the past two months with short seller Viceroy Research, which published a report on November 23 that included a number of claims against Home REIT, such as the firm’s properties being run by ‘bad actors’.
The report drove a share price slide that pushed the company out of the FTSE 250 index. Home REIT denies the allegations.
Shares in Home REIT have fallen by 70% in London over the last 12 months.
By Greg Rosenvinge, Alliance News reporter
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