Home REIT PLC Surrender of leases (8132U)

TIDMHOME

RNS Number : 8132U

Home REIT PLC

28 November 2023

FOR IMMEDIATE RELEASE

28 November 2023

Home REIT plc

("Home REIT" or the "Company")

Surrender of leases

The Company announces that it has reached an agreement with Eden Safe for the surrender of its leases on 38 properties (the "Properties") which it rents from Home REIT, equating to c.2% of the Company's portfolio by number of properties. Eden Safe has not paid rent to the Company since October 2022.

The majority of the properties are occupied by private rented sector ("PRS") tenants on Assured Shorthold Tenancies ("ASTs"). These ASTs will now transfer to Home REIT, enabling the Company to directly collect the underlying income from these properties, increasing rent collection and facilitating asset management opportunities.

The Company will be appointing Centrick as Property Manager to the Properties. Centrick is a national residential property services company, which already manages 25 of the Properties, and will be responsible for the day-to-day management and rent collection.

The annual contracted rent due from Eden Safe on the Properties was GBP1.14m, which accounted for c.2% of the Company's annual contracted rent as at 31 October 2023.

The transaction is in line with AEW's strategy as Investment Manager to stabilise the Company's portfolio and increase rent collection. The current occupiers of the Properties will not be impacted as a result of this transaction.

The person responsible for arranging the release of this announcement on behalf of the Company is FTI Consulting.

FOR FURTHER INFORMATION, PLEASE CONTACT:

 
 FTI Consulting (Communications   [e-mail] 
  Adviser)                               [phone] 
  Dido Laurimore 
  Eve Kirmatzis 
  Ellie Perham-Marchant 
  Oliver Harrison 
 

The Company's LEI is: 213800A53AOVH3FCGG44.

For more information, please visit the Company's website: www.homereituk.com

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November 28, 2023 02:00 ET (07:00 GMT)