Real estate investment trust Home REIT is looking to raise £150m to support its plans to acquire more homes to let out to charities and councils.
Home REIT currently has a portfolio of over 8,500 houses and small blocks of flats that it has acquired, renovated, and rented out to tenants like charities and councils, typically for periods of 20 or 30 years.
Working closely with 118 local authorities, Home REIT provides 8,556 beds to homeless people across the UK, with 28 tenants across England.
The company yesterday launched a Subsequent Placing of new Ordinary Shares targeting a raise of approximately £150m at a price of 115 pence per Ordinary Share.
Lynne Fennah, chair of Home REIT, commented: ‘This Placing will significantly enhance our capacity to invest in the provision of high-quality accommodation for homeless people across the UK at a time of grave necessity.
‘The proceeds will enable us to continue expanding our existing portfolio which is generating inflation-protected income, utilising our strong pipeline of off-market opportunities, and work with our local partners to provide essential long-term support to some of the UK's most vulnerable people.’