Home Reit Share Discussion Threads

[spectoacc] 17/10/2023 12:18

Lol @Wc104.

@Flyer61 - interesting to see them working their way down the country, and presumably having to deal with sitting tenants before being able to get things onto the market.

The Peterlee ones interest me - that Knight Frank (who seem to have disappeared scott-free) said were worth c.£83k each, and I thought £15k if wrecked. Suspect they'll do about £30k.

HOME is scandalous - yet eg M&G were still adding even after the allegations surfaced, and the supine, ignorant, pliable Board were still putting out RNS's denying things that were demonstrably true (eg that some of the properties were up for rent under AST's, or that EPC's hadn't been upgraded due to no CapEx, or that HOME shareholders were paying double market price).

[flyer61] 17/10/2023 10:53

And Scarborough features heavily again.

Where is the police investigation....

[williamcooper104] 17/10/2023 10:33

Obviously worried that next government going to bring back the window tax

[spectoacc] 17/10/2023 08:34

HOME claim the junk went out two auctions ago. Hmm.

Worrying how many are subject to "unknown" tenancies. Good luck buying one of those.

[spectoacc] 17/10/2023 08:20

Several photos of front and side, why none of the back? Someone squatting the top floor my guess.

Over 500 lots in this auction (not counted how many are HOME's). There's going to be saturation in a few auctions' time, when us punters have spent our cash but haven't had the chance to pull it back out again.

Some of the HOME Peterlee ones now appearing.

[cc2014] 17/10/2023 07:44

Since it's boarded up and one of the dormer windows is open quite a bit rain coming in might be a significant problem

[spectoacc] 17/10/2023 07:39

H/t @Flyer61, Allsops catalogue is out.

This one caught the eye:




Sold for £175k in 2004, HOME paid £700k for it in August 2022 - I think.

Will maybe fetch £250k, tho a lot will depend on how wrecked it is internally. Very, would be my guess.

Not hard to see why only 7% of rent is being collected..

[gbcol] 12/10/2023 13:13

Sorry I was being facetious. Just tell them you are a shareholder and register anyway. They won’t be able to verify it, mine are held in nominee account and I doubt they will request letters of representation or the like.

[cc2014] 12/10/2023 13:09

Eventually it will be relisted. How can I as a non-shareholder make an informed decision about a fair price if I don't have the information? And by the same argument if I'm not going to buy as I don't have the information the price HOME will come back at when it relists will be lower than it might be. Seems counter-productive to me.

[cc2014] 12/10/2023 12:10

Home REIT plc announces that AEW UK Investment Management LLP ("AEW"), the Investment Manager of the Company, will provide a presentation to shareholders via a live webcast on 19 October at 11.00am BST.

The presentation, which is only open to shareholders of the Company, will provide an introduction to AEW following their appointment as investment manager, together with detail on the activities that AEW is undertaking to stabilise the Company's property portfolio and financial position. There will also be an opportunity for shareholders to ask questions.


The presentation is "only open to shareholders"... ffs

[spectoacc] 03/10/2023 10:04

Haven't seen the Peterlee junk come up as yet, but it'll definitely be cheap if/when it does ;)

[epistrophy] 03/10/2023 09:59

Thanks. I've got family up North, tempted to pick up something cheap in Peterlee!

[spectoacc] 03/10/2023 09:57

@Flyer61 may know better, but the only ones I've seen have been in the Allsop Residential auctions - last one and the one before.

There's more coming in the 2nd November auction, but they're not sure how many yet (or weren't when I spoke to them).

Easy to spot - "By order of a REIT", and a quick look at the legal pack.

Some are eg former guest houses or obvious HMOs, but many are just regular terraced houses, on regular (but cheap) streets. That must have been a fun time for the neighbours having an unmanaged doss house next door, and who now also get their comparatives blighted.

Eg

[epistrophy] 03/10/2023 09:49

Where are the properties being sold? Are they all going through Allsop?

[cruelladeville] 02/10/2023 16:23

As usual, small share holders take the shafting. Low single digit pennies or nothing left for share holders. The alleged fraudsters likely just walk away.

[spectoacc] 02/10/2023 11:35

There's at least a chance now that there's nothing left. The first sale got 39.4% of purchase price, and they were meant to be the worst properties.

Last week's got 32%, selling 137 (ie many more).

If there's say 800 to go to repay the debt, I can't see achieved sale price rising - fewer and fewer with the cash to buy, more and more sales saturating the market, in steadily worse condition (another winter empty/squatted/unheated).

Add in the Board's costs, AEW's fees, fines, legal costs, the number of advisors and on-the-ground managing co's. And rent collection of 3%.

Could be left with a Mears-rented portfolio bringing in say £1.5m pa, and yes - no debt. If Lloyds/Scot Widows did roll some over, it wouldn't be at the previous interest rate or for the previous term - those loans are blown.

Heck, it might all be fine - a third of cost price over the whole portfolio might leave the rump of a co. But whether it's 40% or 25% overall is the difference between something and nothing IMO. A week ago I'd have said "something".

I look forward to the day when HOME stops surprising me to the downside.

[williamcooper104] 02/10/2023 10:29

The upside is that they get enough capital to fund refurbishments and then re-let them to a proper covenantIt's likely that Lloyds would roll some debt into that

[williamcooper104] 02/10/2023 10:06

Looks like 5-15p - may need to reconsider my 10p mark

[wskill] 02/10/2023 09:10

Where is the duty of care by directors surely they have at least visited some properties during their tenure the very simplest of checking would have found it was a scam .Is there not a body that checks on directors behaviour these actions by directors should not be allowed to continue.

[williamcooper104] 02/10/2023 08:58

Basically they are collecting rent from Mears and that's about it Amazing

[williamcooper104] 02/10/2023 08:53

From memory the net debt was £100-120m

[flyer61] 02/10/2023 08:00

Wonder what the fees will end up being as a percentage of assets.

Those drive by valuations…..love to know the rinse on those..