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[little beaker] 29/9/2023 17:25

Lol, is anyone going to be held account or go to prison? Nah basketcase UK isn't it.

[terminator101] 29/9/2023 11:34

More breaking news

Home reit is still a pile of pish.

In fact the pile of pish is getting bigger.

Ends.

[flyer61] 29/9/2023 06:49

Did Mr Venice target any other REITs I wonder. Or anybody with a similar business model and lackadaisical board…

[cc2014] 29/9/2023 06:45

Every sale makes it easier to get the accounts done

[spectoacc] 29/9/2023 06:38

HOME is the gift that keeps on giving, and keeps surprising.

I thought they'd done a lot better on prices yesterday, when comparing achieved auction prices to last Land Registry sale prices.

But - it seems the Land Reg show only what the Venice crook bought them at. HOME paid perhaps twice that after they'd been flipped through a few SPVs, in block transactions that don't show up anywhere.

Worse - if that were even possible - THIS ISN'T AT 32% OF NAV. It's at 32% of the lower figure of what they paid.

Some yesterday were bought only earlier this year - but for others, Knight Frank were upping the valuations based on the income coming in (lol).

The longer this goes on, the more AEW's fees, the Board's salary & expenses, & other running costs take out. Will there be a core of income-earning properties left? When rent collection was 7%?

Shareholders will surely get something, but starting to question whether it'll reach 20p guesstimate.

[flyer61] 29/9/2023 06:31

I guess the board didn’t do site visits then…..

[spectoacc] 29/9/2023 06:09

Not sure what I can say about this, other than that I watched the auction yesterday, and other than a few that didn't sell, almost all attracted keen bidding and decent prices. One was on at Reserve 250k, sold for £740k.

But - seems HOME so comprehensively shafted on purchase.

Working capital and debt reduction - these also aren't the last sales.


"The Company announces that at a series of public auctions held over the last eight days, the Company has exchanged on the sale of a further 137 properties, representing 5.6% of the Company's portfolio by number, for £22,845,000 with completion expected in approximately one month's time (the "Sale Properties"). The majority of the assets by value were included in an auction which took place on the 28 September 2023.


AEW, as Investment Manager to the Company, identified a portfolio of properties that were in poor condition, largely vacant and requiring significant capital expenditure in order to be brought up to specification. Of the properties exchanged for sale, 100 properties were subject to leases with tenants in liquidation which will be surrendered prior to completion. The proceeds from the Sale Properties represented an average of 32% per cent of their purchase price. Sale proceeds will be used to reduce borrowings and provide working capital as part of AEW's strategy to stabilise the property portfolio."

[apollocreed1] 25/9/2023 22:41

Hopefully the above failings are included in the class action against HOME being run by Harcus Parker.

[wskill] 25/9/2023 17:25

Are the auctions just another part of the fraud helping cover their tracks cannot understand why no fraudsters have not been arrested ,very strange behaviour from the institutions invested here we are all aware who they are not a peep. So they are happy to allow investors funds to be stolen of course its not their money .
What sane person would invest cash with them in the future.

[nexusltd] 25/9/2023 15:35

@SpectoAcc. Do you know if it will be possible to to access the auction hammer price after the 27th & 28th Sept on the Allsops website?

[spectoacc] 25/9/2023 15:00

@Flyer61 - have sent you a message.

[spectoacc] 25/9/2023 10:27

Viewed an Allsops HOME property, wish I could post pictures on here. Someone (either the CIC or the flipper) put in an extra bathroom in the corner of a bedroom, but didn't bother to seal the shower properly & the ceiling's gone in downstairs.

The keyholder said he's seen a few in good condition, but the majority are like this ie wrecks, & some even worse. Some were cannabis farms.

I thought the absolute dross was meant to have been dumped in the first set of sales - possibly this is the dross coming through now where they had to evict people first.

[flyer61] 22/9/2023 13:26

Yes the board capped the rent rises at 7%. However there is a big difference between what the contract says and the underlying supporting business can pay.

It is a tricky one!

[spectoacc] 22/9/2023 13:19

Holding out for the recent sale proceeds to go into more buybacks. Hopefully there's no sublet-at-lower-rent CIC issues at SOHO.

[flyer61] 22/9/2023 13:15

I think the NAV at SOHO we can take with a stick of Scarborough rock...sweet but bad for you.

Cashflow is king....with two not paying and the others probably under a bit of pressure it is the key going forward.

Any good news on the two bad boys and we could get a rerating...

[spectoacc] 22/9/2023 13:01

Interesting :)

Re SOHO - scroll down on here:
[...]
Edit - Google Triple Point Social Housing REIT + portfolio.


They've very few if any seaside doss houses - mostly purpose built & newer, rather than bought at auction and flipped to them at double the market price.

Can't say I've looked at more than that portfolio list tho, nor the valuations, but that part at least is a long way from being HOME.

[flyer61] 22/9/2023 12:52

I would add the police were mob handed at that Scarborough property recently....

[flyer61] 22/9/2023 12:52

LOL that was the one we were looking at Spec. Squatters are not a problem....

There is not much more to say about HOME that hasn't already been said. The institutional holders will be hiding, the BOD hiding and the UK investigative authorities are where?

Interestingly Fitch recently reiterated investment grade for SOHOs debt with a stable outlook....I'm guessing SOHO don't have to many properties like that Peterlee one and actually have a decent amount of cash collection going on excepting of course the two delinquents...

[spectoacc] 22/9/2023 12:40

The Venice resident chap supposedly took about £80m in profits. Considering HOME spent c.£900m on £400m of property that might be worth - what - £200m now? suggests a lot of other players looted HOME too.

If it's a commercial transaction, could it be put down to utter ineptness? Plenty would make allegations against the Board, but were they just stupid/trusting?

Not a great defence - "We're not crooks, we're just jaw-droppingly thick, and couldn't spot things punters on ADVFN could spot, even when pointed out to us."

There's a smoking gun somewhere - perhaps allegedly holstered at Alvarium.

I guess some credit to AEW for getting on and dumping some of it - none is going to be worth more by waiting, & HOME would be insolvent without cash. It'll also notionally improve their 7% rent collection.


Particularly enjoyed the tenant situation comment on another of the HOME ones at auction:

"We understand that they property may be occupied. However we do not have information to confirm this or the terms of any occupancy or whether the property is in fact occupied by squatters. Viewings will no longer take place and all buyers are to bid accordingly"

[wskill] 22/9/2023 12:31

Madness what has happened to the rule of law in the UK when all involved are still at liberty.

[spectoacc] 22/9/2023 11:54

H/T to @Flyer61 for spotting the sheer number of HOME properties coming up at auction this week and next. This one from one of my favourite HOME locations (pictures worth a look - how much rent have shareholders had from this?):

[spectoacc] 22/9/2023 06:14

Another one to pick over.

Sort of good, sort of dire:

"These sub-leases will now transfer to Home REIT, with Mears Limited becoming a direct tenant for the remaining lease term of 8 years with an initial contracted rental income of £732,720 per annum. The annual contracted rent due from Redemption for these 77 properties was £1,139,151 as at 31 August 2023."



Yet again, a CIC was contracted to pay £X rent to HOME, sub-lets at a far lower rent, and ends up paying £0, presumably once the 12 months of gifted rent is used up/spirited away.

What about this isn't fraud, from the get-go? Forget CapEx, running costs, costs of the CIC - just on these properties they were committed to a rent 50% over what they were receiving.

[flyer61] 07/9/2023 08:55

(10.06.2022) PROPRIETOR: HOME HOLDINGS 2 LIMITED (Co. Regn. No.
12857185) of 6th Floor, Bastion House, 140 London Wall, London EC2Y
5DN.
2 (10.06.2022) A Transfer dated 5 May 2022 made between (1) Home Holdings
1 Limited and (2) Home Holdings 2 Limited contains purchaser's personal covenant

Any of the above look familiar?

[cc2014] 07/9/2023 08:48

Vibrant have a range of services in addition to their main business of EPC

[spectoacc] 07/9/2023 07:17

Today's RNS - a tenant of 209 properties going into Creditors Voluntary - shows the difficulty of "inspecting" every last property. Who has the keys?


"-- The Company has appointed Vibrant Energy Matters Limited ("Vibrant"), a subsidiary of Connells Limited, to inspect all 2,473 properties in the portfolio, with target completion by mid-November 2023"



"Established in 2008 to carry out EPCs, our services expanded from 2015 to include all residential property services. We have grown to become the leading provider of EPCs and related energy services in the UK, completing over 120,000 jobs every year for over a decade."


"...Leading provider of EPCs and related energy services." 550 assessors, so who knows, 49 properties a day could be feasible - if they can get in?

But why? For what cost? What happened to not being able to disturb sitting tenants?