Home REIT PLC Surrender of leases and transfer of sub-leases (2794N)
22 9월 2023 - 3:00PM
UK Regulatory
TIDMHOME
RNS Number : 2794N
Home REIT PLC
22 September 2023
FOR IMMEDIATE RELEASE
22 September 2023
Home REIT plc
("Home REIT" or the "Company")
Surrender of leases and transfer of sub-leases
Further to its announcement on 2 August 2023 regarding
Redemption Project CIC ("Redemption") entering into creditors
voluntary liquidation, the Company now announces that Redemption
has agreed to surrender its leases on 146 properties (the
"Properties") equating to c.6% of the Company's portfolio by number
of properties. Redemption has not paid rent to the Company for
2023.
Mears Limited, guaranteed by Mears Group PLC, the housing and
social care provider, has been occupying 77 of the Properties on
sub-leases from Redemption. 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 GBP732,720 per annum. The annual contracted rent due from
Redemption for these 77 properties was GBP1,139,151 as at 31 August
2023.
The surrender agreement allows the Company to receive a
sustainable income stream from a strong tenant covenant and is
expected to generate higher rent collection than has previously
been received from Redemption in relation to the Properties.
Following the transaction, the Company's direct exposure to Mears
Limited increases to 177 properties and GBP1,623,875 million per
annum of contracted rent.
For the remaining 69 properties, the Company has agreed flexible
leases with the Community Accommodation Group, a Charitable
Incorporated Organisation and a provider of social housing and
care, for a term for 5 years and appointed Myshon Limited, a
specialist intensive housing manager with a specific focus on
specialist supported housing, supported housing and affordable
housing, to manage the properties, also on a flexible agreement.
Myshon Limited was previously providing management services in
relation to the properties and thus retaining continuity of service
will limit any disruption to existing occupants and support
services.
This transaction completely removes the Company's exposure to
Redemption, which accounted for 11% of the Company's annual
contracted rent as at 31 August 2023.
The transaction is in line with AEW's strategy as Investment
Manager to stabilise the Company's portfolio and allows AEW to
carry out further asset management initiatives as soon as possible
with the aim of improving 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 HomeREIT@fticonsulting.com
Adviser) +44 (0)20 3727 1000
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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END
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