Another Home REIT (HOME) tenant has entered administration. One (Housing & Support) CIC, a tenant of 110 properties representing 7% of the company’s portfolio by number of properties as at 31 July 2024, has entered into administration, with Evelyn Partners acting as administrator. The company said it would work with the administrator to arrange for the leases to be surrendered to Home REIT and would look to re-let the properties once the handover has completed.
The news follows on from HOME’s latest monthly update, which revealed that:
- The portfolio is down to 1,560 properties valued at about £282.1m (was 2,473 valued at £412.9m at the end of August 2023);
- As announced on 2 August 2024, 226 properties exchanged for sale at auction for a total of £26.5m at auctions held over the previous three days;
- Repayment of £8.5m of debt to the company’s lender in July comprising a cash repayment of £7.4m and net break gains of £1.1m applied to loan principal. Total borrowings were reduced to £106.1m as at 31 July 2024;
- Total income received for the month was £0.65m, which represents a 13% increase from the previous month;
- The company’s audited results for the year ended 31 August 2022 are now expected to be published in late August 2024 or early September; and
- Lynne Fennah intends to step down from the board on the publication of the 2023 financial results, but will continue to assist the company, when necessary, on historic legal and FCA matters