Homeless accommodation provider snaps up 366 properties across the UK
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Home REIT, a provider of accommodation to the homeless, has acquired 366 properties across England and Wales.
The company recently raised £350m in an oversubscribed fundraising.
In less than one month following the initial issue, the group has used £166.5m of the proceeds to fund the acquisitions of 23 portfolios of properties including sites in East Midlands, Yorkshire and the Humber, North West, and West Midlands.
The properties have added a further 1,850 beds to the portfolio bringing the total to just under 5,700, whilst expanding the geographic diversification of the portfolio across every region of England and including the company’s first acquisition in Wales.
Jamie Beale, Partner at Alvarium Home REIT Advisors Limited, said: “Since announcing the results of its oversubscribed equity issue, the Company has been busy responsibly investing the proceeds into the pipeline of properties identified, efficiently deploying a sizeable portion of the funds into a portfolio generating long-term income on sustainable rents.
“Importantly, this latest tranche of Properties will enable us to increase the amount of high-quality accommodation we can provide members of society facing homelessness, working alongside our charity partners and local authorities, as we enter the colder months.”