Home Reit Share Discussion Threads

[cc2014] 14/4/2023 08:19

Do the pension funds do any research or is it just a table of ratios?

First phase of the bear market is that a bunch of inept companies get found out very quickly

Second phase is that those with poor business models get found out.

Third phase is credit risk becomes a consideration in every transaction.


There's an awful lot of companies out there that have survived for very many years due to low interest rates and cheap loans.


HOME's issue is that to fund the debt they have to sell stuff and to do that you've got to find a buyer. The economy is still doing fine at the moment but the longer it goes on the harder it will be to do this.


Seperately I would like to know who the 6 interested fund managers are. We know of RM and Astrato, which means I'm not touching any funds run by them.

[wallywoo] 14/4/2023 07:35

Lol, I think you should rename this thread "Promote the law firm attempting litigation thread".


It is pretty obvious that is what you are doing.

80%+ of Home shareholders are funds or institutions. To my knowledge, none of them are considering this route. So the desperate ambulance chasing lawyers are trying to recruit pi's here. Well you don't have my support! Sometimes the law is useful, many times the law just stops/ inhibits humanity from improving society.


Meanwhile, UK plc is becoming more and more in need of housing. Private landlords are leaving the industry in droves. 1000's are desperate to find good accommodation.


Still think I will easily recoup 55p+ here this year. Maybe much more.


And Home have £1B+ invested in HMO housing stock. To me this is the right place to be. There is huge growing need for what they have to offer. Stop moaning about what has gone before and see the opportunity here and the need that Home have a solution for.

[spectoacc] 13/4/2023 19:23

Something's got to give soon. Either the 31 yr old somehow manages to get tenants to start paying again (despite no promised CapEx), or far more likely install brand new CIC/charities which is the usual Route 1 for these providers. Or HOME come up with the £20m+ for CapEx, which they're going to need to do anyway.

As it stands, and only going by the limited amount we've been told, they're fast sinking. They've had to pay some escrow cash back to Scot Widows. They're using other Scot Widows cash for running costs. They've got minimal (I assume, or why the SW money?) income. CapEx won't be being done and properties will only be deteriorating. The majority of the patsy lessees have turned hostile. And instead of holding an appreciating, income-paying asset, they're holding wasting assets.

I know those Peterlee streets - if they had to dump what they bought/valued at c.£83k, the outcome would be very bad. More so, since they've clearly been the big buyer at this end of the market, even indirectly. CSH, SOHO etc won't have ready cash for HOME sales either, and who'd want to stump up the CapEx on top.

It needs a major shareholders' cash call, and soon. But that needs the change in manager. And the likes of RM are just beyond clueless, you might as well put M&G in charge.

Occurred to me the other day that based on HOME's dodgy Knight Frank valuation of over a billion quid of property, M&G had a £150m position. Can you imagine doing so little research that even once you've been told by VR about the fraud, you still keep buying? Most of us on here could verify elements of it with half an hour's Googling.

It's nuts how inept big investors are. Not their money, but still.

It's one thing to be caught out with a giant position you couldn't exit even if you wanted to, but buying more on the fall..

[williamcooper104] 13/4/2023 19:02

If they are going to sell (which I don't think will happen in any event) the board should really sell the assets and then leave some cash in the then shell PLC for litigation

[spectoacc] 13/4/2023 18:38

I see the comedy one-man Ltd co "cash" bidder talks have been extended once again. Despite the link to Alvarium. Despite Alvarium meant to be getting the push. With no other bid approaches mentioned.

What is rent collection running at now.. How much CapEx is getting done, or are the assets continuing to go downhill.

No new questions, but no new answers either.

[williamcooper104] 06/4/2023 06:27

Apart from balance sheet there's another good reason to sell some assets To substantiate damages in any litigation; valuations help but nothing like actual transactional evidence

[spectoacc] 05/4/2023 06:32

"The Board continues to explore all available options, and is giving particular consideration to the potential sale in the near-term of a limited number of properties, as the Company works to stabilise its property portfolio."


The PUSU deadline is a week tomorrow (13th), and they don't even mention it.

Selling a "limited number of properties" - how does that "..Stabilise the property portfolio"? It's nonsense.

If even 23% of tenants were paying their rent, why on earth would HOME need Scot Widows to "...Provide(d) the Group with access to additional funds for general working capital purposes.."? And "provide" presumably means allow access to some cash held by HOME already, since the debt level is still the same (now £220m).

Is the working capital simply HOME being able to pay their debt interest? Is that how bad things have got?

None of the 6 bidders for the management contract - none of them - have the first clue how bad a state HOME is actually in. All are looking to reap some fees from it, but all applied for the job before the fraud report was finished. A fraud report that - gasp - shareholders aren't even being permitted to see.

You paid for that report.

Particularly you, @wallywoo.

[williamcooper104] 05/4/2023 06:20

Completely - board have been far too slow to replace Alverium

[spectoacc] 05/4/2023 06:19

Looking to sell some properties to stay solvent it seems, after Scot Widows swiped the £30m cash - and who can blame them. Albeit they're still providing "working capital", not something HOME should actually need.

No comment on rent collection, whether better or worse, or if the 31-yr-old has made any progress.

Fraud report is in, is "extensive and complex", and isn't for shareholders eyes it seems.

6 possibilities for replacing Alvarium, something which should have been done within a week of admitting the large-scale fraud.

No mention of the comedy bid from the one-man band.

HOME only ever seems to get worse.

[waldron] 30/3/2023 09:52

Knowit : and Verisure in a new strategic partnership
03/27/2023 | 09:08am BST
Published 27 Mar 2023

Knowit has been given confidence as a strategic partner in contributing to further development of Verisure's digital services. Knowit was awarded contracts across different development areas and will support Verisure with engineering competence in a hybrid offer with consultants from Poland and Sweden.

Knowit was awarded contracts across different development areas and will support Verisure with engineering competence in a hybrid offer with consultants from Poland and Sweden.

Knowit is already one of Verisure's selected providers within existing framework agreements. The assignments have expanded over the past year, as a result of the acquisition by Knowit in 2021 of Cybercom, which was also a supplier under the then existing agreement.

"We are very proud to have been given the confidence of contributing to Verisure's continued development of digital platforms. We have created new conditions for functioning as the right hand of Verisure's own development teams and have found a model where we can use competences from Sweden and Poland in various assignments over time," says Camilla Maricic, client manager at Knowit.

The new collaboration model gives Knowit the possibility of supporting Verisure's development projects in an efficient way with fast deliveries and competent resources. Hybrid teams with consultants from both Sweden and Poland also create sound cost control.

"Verisure is expanding in both size and product offering to our customers. We are experiencing a constant flow of interesting technical development requirements, with several longer projects ongoing. We look forward to working closely with Knowit in this new collaboration model and have already seen good traction with our use of blended teams in several projects," says Robert Hed, chief of staff at Verisure Technology based in Malmö.

The new collaboration began this spring and currently encompasses around twenty consultants from Knowit in various assignments.

[waldron] 30/3/2023 09:11

Assa Abloy Buys Italian Lock Manufacturer
30 March 2023 - 10:35AM
Dow Jones News


By Dominic Chopping



STOCKHOLM--Swedish lock maker Assa Abloy AB said Thursday that it has agreed to acquire Mottura Serrature di Sicurezza SpA, an Italian manufacturer of high-security residential armored lock cases and cylinder locks.

Mottura was established in 1972 and has around 120 employees. Sales in 2022 amounted to around 28 million euros ($30.4 million) and the acquisition will be accretive to earnings per share from the start, it said.

The acquisition is subject to customary closing conditions and is expected to close during the second quarter of 2023.

Financial terms weren't disclosed.



Write to Dominic Chopping at [e-mail]



(END) Dow Jones Newswires

March 30, 2023 04:20 ET (08:20 GMT)

[waldron] 30/3/2023 09:00

high-security residential protection

[williamcooper104] 27/3/2023 13:49

Yep They're a small credit fund manager

[spectoacc] 27/3/2023 13:39

I still don't see RM as credible, they seem to be judging the mess HOME is in from what the Board have said, rather than what the reality is. How apt to appoint someone from a not-for-profit tho.

[adv11] 24/3/2023 19:06

Thanks for the updates guys. I appreciate your input. Personally I sold out of both Supermarket Reit and Atrato Roof as soon as Home got into trouble.

[williamcooper104] 24/3/2023 13:23

Given that Atrato have a Blue Peter already prepared social housing platform and have delivered with SUPR it wouldn't be a surprise; they've got better credentials for it than RM Alverium securities where a broker to a lot of REITs and are imploding; the brokers there though wouldn't have been responsible for blowing up HOME Alvarium have turned themselves into a leaper among institutional investors over HOME (remember unlike credit markets equities are hugely unforgiving)

[js53] 24/3/2023 13:11

I would put money on Atrato getting the gig as they have close ties to Alvarium. Alvarium Securities used to be their corporate broker and senior management between the two is very friendly.

Would guess that a deal is done between the two behind the scenes and the tendering exercise is just window dressing.

[edinandy] 24/3/2023 12:21

Several prominent investment managers are preparing proposals to present to the board of embattled Home REIT after the social housing provider signalled its intention to replace the current incumbent, React News can reveal.Atrato Partners, the current investment adviser to Supermarket Income REIT, has been touted as a frontrunner in the process. The firm was behind an attempted listing of supported housing company Independent Living REIT, which was pulled in September last year due to rocky market conditions. David Blakeborough joined in May from Henley Investment Management to lead its investment strategy for social housing.Sources told React News that AEW and RM Funds were also weighing up a tilt at Home REIT's management gig. RM Funds has already publicly declared its interest in taking over as investment adviser.Specialist social housing property manager Simpact Group, recently brought in to asset manage Home REIT's portfolio, could also entertain a submission.The request issued by Home REIT indicated interested parties should submit proposals by the end of March.The listed group said in an update last week that it was in talks with several candidates to replace its current investment manager.Home REIT lets out properties to charities that provide housing for the homelessHome REIT has been rocked by governance issues and the National Crime Agency is looking into allegations of bribery in certain property deals carried out by the firm. The company has also been hit by a sharp fall in rent collection.Alvarium, the previous investment manager to the social housing investor, sold Home REIT's investment adviser to a new entity owned entirely by the management at the start of the year as problems mounted.This publication is intended for use by Cathal Keane at Sheridan Property It may not be copied or disseminated to others without written permission. https://reactnews.com/article/investment-advisers-line-up-proposals-for-home-reit-management-gig/Page 2Bluestar Group trying to raise cashThe company has also received an unsolicited approach from Bluestar Group, which has been in discussions with investors in recent weeks in an attempt to pull together capital to take the REIT private. Broker Numis Securities is advising Bluestar Group on its takeover and fundraising efforts.The investment trust's board originally gave Bluestar until 16 March to formalise its bid or walk away from the deal, however the deadline has now been pushed to 13 April.The little-known firm is a new outfit founded by former Queensgate investment specialist Ben Gotlieb, who also used to work at Alvarium.Companies House records shows that Bluestar used to share office space with Alvarium, which until very recently was Home REIT's investment adviser. A related company, Bluestar Advisors, lists Gotlieb and Jonathan Elkington, Alvarium's head of real estate, as directors.Home REIT declined to comment.