Supported housing group in administration
A Warrington headquartered housing tenant of troubled social housing provider Home REIT has gone into administration.
One (Housing & Support) CIC, a tenant of 110 properties representing 7% of the Home REIT’s portfolio has entered into administration, with Evelyn Partners acting as administrator.
The tenant is non-performing and has agreed to an administration process. Myshon Limited, a specialist intensive housing manager with a specific focus on specialist supported housing, supported housing and affordable housing, will be appointed by the administrator to manage the handover of properties, focused on minimising any potential disruption to underlying occupants and support services, as well as facilitating collection of rent.
In a statement to the stock market this morning Home REIT and asset manager AEW said they will be working closely with the administrator and Myshon Limited to arrange for the leases to be surrendered to Home REIT and re-let once the handover has completed.
The company specialises in property for homeless people in the United Kingdom. It is managed by AEW UK Investment Management LLP and lets the properties to registered charities and housing associations on leases of between 20 and 30 years.
Its portfolio was valued at £327.9 million as at 31 August 2021 and, by May 2022, it had created a portfolio offering 8,500 beds in sheltered accommodation for homeless people.
On 7 August 2024, Finbarr O’Connell and Martyn Ewing of Evelyn Partners LLP were appointed as joint administrators of One (Housing & Support) CIC.
Finbarr O’Connell, said: “The team at One CIC has been working hard with their landlords for some time to find a way forward; however, historic arrears and other external factors have meant that the business can no longer continue in its current form. Evelyn Partners was approached to assist in restructuring One CIC’s business. We thank all at One CIC for their support in this process and look forward to concluding with a positive outcome for all involved.”
Daniel Cooksley of Evelyn Partners added: “Evelyn Partners has also been working alongside Myshon to enable a smooth transition for tenants and to ensure they still have access to the essential support provided by One CIC. External stakeholders have been informed of our appointment and all involved in the restructuring of the business aim to make existing tenants a main priority.”
John Dawson, Myshon CEO said: “We have been hugely impressed by the quality of the housing stock, the infrastructure and the operation developed by the One CIC team. They have worked hard to successfully provide good quality housing and vital support for those in need.
“We look forward to working with existing landlords, the Administrators, local authorities, other providers and the team at One CIC to ensure the operation continues to grow and develop in the future.”
