Home Reit Share Discussion Threads

[damp seaweed] 19/1/2023 08:42

This latest RNS looks like panic within the BoD and it’s advisors

[spectoacc] 19/1/2023 07:31

Looks very much like they're going to try to tough it out, CSH-style.

[jonwig] 17/1/2023 08:22

Fair point, hybrasil. I've done it for you:

george stobbart 17 Jan '23 - 08:05 - 739 of 740 Moderate | Ban

Lynne Fennah who destroyed Empiric REIT and is the chair lady of HOME is the mastermind of this catastrophe.

FCA should suspend her license and boot her out of both Home and Empiric.

[hybrasil] 17/1/2023 08:18

George
I think you should edit and delete your last sentence.

It takes away entirely from the point you are making,it’s misogynistic,and is utterly irrelevant.

[dodddy] 17/1/2023 07:34

It's a Great hypothesis and explains a lot. Hardly mud slinging

[tradez4dayz] 16/1/2023 18:56

I guess you have no evidence and so are simply slinging mud then

[hybrasil] 15/1/2023 15:06

Js53

Thank you for your post

If what you say is right the conduct is at the least sharp practice.

[tradez4dayz] 14/1/2023 14:02

That's a huge allegation but would explain things. Do you actually have evidence though or is this just hypothesis

[wallywoo] 14/1/2023 13:23

The interesting thing to me is that Home Reit have been in existence since September 2020. They have raised more money twice since then. So money has been raised at 95, 109 and 115p per share. The last equity issue was in May 2022.


Isn't it interesting that only when over £1B has been raised and 3 years of trading that parties emerge from everywhere with grievances???


It's almost like parties have made a tonne of money on the properties and now want to attack the legal owner to achieve other objectives. It is no coincidence that this process started just as Home Reit finished buying the last of their Houses. There was not a squeak before then. No one withholding rent / nothing.


What is their objective here?? Imo, it is to pick up ownership here as cheaply as possible imho. This all feels a bit orchestrated to me. I still believe even with all the flack that a 50p share price is stunning value.

Buy value when there's blood on the street and everyone is out for blood. Let the trouble makers here stir away. There's big money causing trouble here, ignore the flack and you will be pleased you did imo. 2% long term debt and property that is at a huge discount to value.

[williamcooper104] 14/1/2023 11:48

Before this is unsuspended we need 1 a fully kitchen sinked set of accounts and valuation 2 BoD gone 3 Alverium SPV manager gone

[williamcooper104] 14/1/2023 11:45

The BoD need to go Just read the 12 Jan RNS Implicitly blaming the short report on tenants not paying rents; when those tenants were disputing rents before then and one had already had a deal to get rent offsets on refurb works not completed The RNS is carefully worded so it's not actually telling an outright lie But it's very clearly creating a false impression

[js53] 14/1/2023 09:26

Well...

On certain of the Home Long Income Fund acquisitions, the Alvarium management team set up SPVs which acquired assets from the sellers and then immediately flipped to the fund (which Alvarium managed). The Alvarium guys (including Mr Lee) took the difference into their personal bank accounts).

Their cover was that the end price paid by the fund was supported by the valuer!

They stopped doing this overtly with Home REIT but one might guess what may have happened behind closed doors...

[sealfish] 13/1/2023 18:21

Best guess is the investment advisor and the vendors. Surely they’re in cahoots ? I can’t see how the people on the board of the PLC can have made. But maybe it’s all of them. Somethings not right here though.

[hybrasil] 13/1/2023 17:01

Ok but who made the money?
Who was behind all this flipping?

[sealfish] 13/1/2023 12:15

It seems pretty obvious the investment advisor has been the one doing the deals. Home REIT have just signed the dotted line. What’s more interesting is that two of the three people running the investment advisor have left, and the company has been spun out. Clearly there needs to be more scrutiny here!

[74tom] 13/1/2023 10:32

Do keep up? I’ve been posting here since day 1 of the short report. I think the media have been extremely lax with their criticism up to now, preferring to sit on the fence rather than dig into the many accusations made by VR. It’s taken Noble Tree & Peter Mitchell to up the ante & break the impasse.

So yes, up to now this has been what I’d call a minor scandal - the odd story here or there which were fairly neutral. Now things are unravelling it’s got the potential to go mainstream.

[js53] 13/1/2023 10:06

LXi used to buy same the same sort of assets in the early days!

Transferred many of them to Home Long Income Fund (also set up by Simon/ run by Alvarium (private version of Home REIT - £750M of assets in it and same issues as Home REIT.

Ultimately Simon is behind all of these funds. If you know, you know...

[tradez4dayz] 13/1/2023 09:16

Simon lee also is fund manager on lxi.I don't know how involved he was with home, wouldn't have thought deeply as LXI is quite a busy reit and seems to be very well run.Seems to have been set up by Charlotte Fletcher, Jamie Beale and Gareth Jones. Two of which have already fled the sinking ship which could be telling...

[74tom] 13/1/2023 09:01

Alistair Osbourne of the Times going to town on them (in line with the views of the sane individuals posting on this board);



"The issue goes to the heart of Home Reit’s business model, which looks to have leaked a ton of money, and the board’s hapless stewardship. It says that, via Alvarium, it sources properties from vendors. But it’s yet to explain why buying 34 in Stoke, say, involved them being flipped three times in a day via two special purpose vehicles, with a portfolio the vendor collated for £3.2 million sold to Home Reit for £7.3 million."


"Home Reit says vendors “typically provide” tenants with “additional funding, usually representing 12 months of rent”. Also, that a “full refurbishment is carried out, which is paid for by the vendor”. But it also says it “acquires newly refurbished properties”. So which is it? Both Noble Tree and Big Help would deny the vendor has either done the work or left the funding to do it. Where has the money gone? A clue, perhaps: one vendor’s overseas pad."


Interesting the he apparently knows the identify of one of the vendor's...

I'd say this is now on the cusp of becoming a major scandal.

[js53] 13/1/2023 08:41

Simon Lee is Head of Public Real Estate at Alvarium and set up Home REIT.

[little beaker] 12/1/2023 22:47

Wallywoo, top trolling but it's probably time to stfu

[hybrasil] 12/1/2023 21:31

Who was the main person behind Home Reit? i googled the prospectus " The company has no employees and the directors have been appointed on a non executive basis"

Its beginning to look a lot like the short report was right