REG - Home REIT PLC - Surrender of leases

Home ReitAnnouncement

28/11/2023 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20231128:nRSb8132Ua&default-theme=true

RNS Number : 8132U  Home REIT PLC  28 November 2023

FOR IMMEDIATE RELEASE

 

28 November 2023

Home REIT plc

 

("Home REIT" or the "Company")

 

Surrender of leases

The Company announces that it has reached an agreement with Eden Safe for the
surrender of its leases on 38 properties (the "Properties") which it rents
from Home REIT, equating to c.2% of the Company's portfolio by number of
properties. Eden Safe has not paid rent to the Company since October 2022.

 

The majority of the properties are occupied by private rented sector ("PRS")
tenants on Assured Shorthold Tenancies ("ASTs"). These ASTs will now transfer
to Home REIT, enabling the Company to directly collect the underlying income
from these properties, increasing rent collection and facilitating asset
management opportunities.

 

The Company will be appointing Centrick as Property Manager to the Properties.
Centrick is a national residential property services company, which already
manages 25 of the Properties, and will be responsible for the day-to-day
management and rent collection.

 

The annual contracted rent due from Eden Safe on the Properties was £1.14m,
which accounted for c.2% of the Company's annual contracted rent as at 31
October 2023.

 

The transaction is in line with AEW's strategy as Investment Manager to
stabilise the Company's portfolio and increase rent collection. The current
occupiers of the Properties will not be impacted as a result of this
transaction.

 

The person responsible for arranging the release of this announcement on
behalf of the Company is FTI Consulting.

 

 

 

FOR FURTHER INFORMATION, PLEASE CONTACT:

 

 FTI Consulting (Communications Adviser)  HomeREIT@fticonsulting.com

 Dido Laurimore                           +44 (0)20 3727 1000

 Eve Kirmatzis

 Ellie Perham-Marchant

 Oliver Harrison

 

The Company's LEI is: 213800A53AOVH3FCGG44.

 

For more information, please visit the Company's website: www.homereituk.com
(http://www.homereituk.com/)

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCNKOBKOBDDNDB