Statement re Alvarium Home REIT Advisors Limited
4 January 2023
Home REIT plc
("Home REIT" or the "Company")
Statement re Alvarium Home REIT Advisors Limited
The Company notes that on 30 December 2022 Alvarium RE Limited entered into an agreement to sell Alvarium Home REIT Advisors Limited ("AHRA"), the investment advisor to Home REIT plc, to a newly formed entity owned by the management of AHRA funded by way of a promissory note. These arrangements were made prior to the recently completed merger and listing of Alvarium Investments Limited in the US, and the sale also includes specific terms allowing Alvarium RE Limited to re-acquire AHRA in the future for a purchase price equal to the promissory note outstanding.
All contractual arrangements in the Investment Advisory Agreement between Home REIT plc and AHRA (including fees, term and service provision) remain unchanged.
FOR FURTHER INFORMATION, PLEASE CONTACT:
|
FTI Consulting (Communications Adviser) Dido Laurimore Eve Kirmatzis Ellie Perham-Marchant Oliver Harrison |
HomeREIT@fticonsulting.com +44 (0)20 3727 1000 |
The Company's LEI is: 213800A53AOVH3FCGG44.
For more information, please visit the Company's website: www.homereituk.com
About Home REIT plc
Home REIT plc seeks to contribute to the alleviation of homelessness in the UK, whilst targeting inflation-protected income and capital returns, by funding the acquisition and creation of a diversified portfolio of high-quality accommodation assets across the UK which are dedicated to providing accommodation to homeless people. The accommodation assets are let or pre-let on very long (typically 20 to 30 years) leases, containing inflation-linked or fixed uplift rent review provisions, to registered charities, housing associations, community interest companies and other regulated organisations which have a proven operating track record in providing low-cost accommodation to homeless people and which receive housing benefit or comparable support from local or central government to fund the provision of such accommodation to homeless people.
There is a critical need for further accommodation for homeless people in the UK, due to an increasing homeless population and a lack of available and affordable high-quality, fit-for-purpose stock to address the problem. Local housing authorities are under a statutory duty to secure accommodation for individuals who are unintentionally homeless and in priority need but current accommodation for homeless people is limited in quantum and often sub-standard and uneconomical.
The Company focuses on investing in and creating well-located properties that provide a sustainable level of rent for the tenant. Within the homeless accommodation assets, there is a focus on care, support, training and rehabilitation to provide vulnerable homeless people with the skills and confidence to find long-term accommodation and enable them to reintegrate back into society. Savings are expected to be made to local authorities and other providers of accommodation to homeless people via lower rents versus more expensive alternative accommodation.
The Company is listed on the premium segment of the Official List of the UK Financial Conduct Authority and its Ordinary Shares were admitted to trading on the main market of the London Stock Exchange, premium segment, on 12 October 2020.
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