Home Reit has confirmed its investment adviser, Alvarium Home Reit Advisors (AHRA), has been sold by parent company Alvarium.
In an announcement to the stock exchange, the trust’s board confirmed AHRA would be bought by a newly-created entity consisting of its current management, which will be funded by a promissory note.
The move follows the completion of Alvarium Investments’ £50bn merger with Tiedemann Group, with the firm preparing to be listed in the US. Home Reit’s board also noted the sale included an option for Alvarium to reacquire AHRA in the future.
The announcement comes a day after Home Reit suspended its shares due to being unable to post its annual financial report on time.
The firm is currently subject to enhanced auditing procedures following allegations from some shareholders the trust has failed to live up to its original investment philosophy.
See also: Scrooge-like short-selling attack on Home Reit raises questions
