Another major Home Reit tenant has entered liquidation.
Supportive Homes CIC makes up 11.3% of the rent roll Home Reit demanded last month.
In a stock exchange announcement today (7 September), Home Reit’s board said: “The tenant is non-performing and the creditor’s voluntary liquidation unlocks the ability for [Home Reit] to re-tenant properties or carry out other asset management initiatives as soon as possible.”
It added that discussions with prospective tenants to take on new leases on the properties involved are ongoing.
Last month, two other tenants also entered liquidation. Redemption Project CIC is a tenant of 152 properties within the trust’s portfolio, and made up 11% of the trust’s rent demands. Begbies Traynor Group was appointed as the liquidator.
Serenity Support CIC, which makes up 10 properties or 1% of the June rent roll, was also placed into creditors’ voluntary liquidation.
On 4 September, the struggling trust announced it had initiated a “formal and phased” succession process of its board.
See also: Consolidation, overcrowding and widening discounts: Do investment trust boards need to step up?
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