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Home REIT PLC on Tuesday updated its results publication timeline and noted the surrender of 171 portfolio properties, amid wind-down proceedings. The London-based investor in the UK’s social housing sector expects to publish accounts for the year ended August 31 2023 in January, with results for financial 2024 to follow sometime in the first-quarter of 2025. The company’s shares were suspended from trading in January 2023 after missing the annual report deadline. In February 2024, the Financial Conduct Authority launched an investigation into Home REIT. The troubled property investor is also facing legal action from shareholders alleging ‘misappropriation of funds meant to address the country’s homelessness crisis’. Home REIT in July announced a gradual winding-down of operations, but said it remained ‘committed’ to restoration of its shares on AIM following the release of its financial accounts. As of Tuesday, Home REIT and its partner LTG Vision CIC, a Southport, England-based operator of housing association-owned real estate, will surrender 171 properties to Lomond Investment Management. The London-based lettings company ‘will act as property manager for the assets, minimising disruption to the underlying residents’, Home REIT said. The property firm on Tuesday also noted payment of £9 million in fees to Edinburgh-based bank Scottish Widows, which has since released its charge over Home REIT’s assets. The property investor concluded debt repayments to the bank in November. This follows a December 3 offer proposal by Southey Capital Ltd to acquire Home REIT for approximately £32 million. Home REIT in response said it had not been directly contacted by Southey Capital, and could not comment on the offer’s validity. At the time of Southey Capital’s proposal, Home REIT’s 850-property portfolio was being marketed for sale, with quotes in excess of £175 million, Home REIT said. Home REIT shares were last quoted at £0.060 each in London. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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