Home REIT publishes overdue 2023 results as board steps down
£71.4m decrease in the fair value of its investment properties over the 2023 financial year
£71.4m decrease in the fair value of its investment properties over the 2023 financial year
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Final £28.6m payment was made this week
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Harcus Parker called the losses an ‘unjustifiable destruction of shareholder value’
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It raised £36.9m from the sales, representing 15% of the trust’s overall portfolio
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Required to pursue a managed wind-down
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Mansit Housing CIC is tenant on 4% of the trust’s portfolio
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Size of the trust may be too small for some investors once its £114.6m debt has been paid down, the board said
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Lender Scottish Widows revised terms from 5% after Home Reit’s failure to secure refinancing
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Trust had total borrowings of £131.8m at the end of May
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Noble Tree Foundation is a tenant of 143 of the trust’s properties, making up 7% of its rent roll
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600 properties were handed over to Home Reit
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Home Long Income fund launched in 2018, two years before Home Reit’s IPO
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