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Home REIT PLC on Thursday said its investment adviser Alvarium Home REIT Advisors Ltd has agreed with Simpact Group to support Alvarium’s asset management and monitoring programme.
The London-based real estate investment trust said Simpact will assist Alvarium with tenant liaison, monitoring, rent collection and recovery of rent arrears. It will also provide a review of the company’s portfolio and operational advice to tenant partners to improve underlying performance, including the reduction of the approval period for exempt housing benefit applications.
Following the review, if assets which are not forecast to improve performance within a certain time frame, then Simpact will help to assign these leases to more suitable specialist tenant partners.
The company said the cost of the investment will be paid by Alvarium.
Simpact is a specialist social housing manager, which oversees a housing portfolio across 100 local authorities in England and Wales, and has an existing network of charities, community interest companies and registered housing associations which Home REIT says can be used to ‘optimise the tenant composition of the portfolio’.
Home REIT said an announcement on rent collection and operation performance will be made when the detailed review has been completed.
Home REIT shares were up 1.7% trading at 38.70 pence per share on Thursday morning in London.
By Harvey Dorset, Alliance News reporter
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