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Home REIT PLC on Thursday said that Supportive Homes CIC, a tenant of 209 properties in the company’s portfolio, has entered into voluntary liquidation. The London-based real estate firm, which invests in housing for homeless people, said Supportive Homes represented around 11% of rent demanded in August. Home REIT explained that the tenant is non-performing and therefore the creditor’s voluntary liquidation gives it the ability to re-tenant properties or carry out other asset management initiatives as soon as possible. The company said discussions with other prospective tenants to take on new leases on the properties have already commenced. ‘It should be noted that whilst discussions with prospective tenants are ongoing, the company is working with the liquidator to ensure a smooth handover focused on minimising any potential disruption to any underlying occupants and support services in place,’ Home REIT added. On Monday, Home REIT said its new investment manager is continuing to review all tenants and that property valuations and inspections, required to publish outstanding accounts and restore its shares, are still underway. Home REIT shares were suspended in early January after it failed to publish its annual report for the financial year that ended August 31, 2022. The company on Monday said it does not expect to be in a position to publish outstanding accounts until late 2023 at the earliest. The formerly FTSE 250-listed investor has been plagued by misfortunes over recent months, including allegations of wrongdoing by short-seller Viceroy Research in November 2022. Tenants Serenity Support CIC and Redemption Project CIC entered creditors’ voluntary liquidation in August. Home said it was engaging with the liquidators to ‘unlock’ re-tenanting opportunities. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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