This is how Home REIT is providing a safe place for women across Yorkshire who are fleeing domestic violence
A real estate investment trust is providing a safe place for women across Yorkshire who are fleeing domestic violence.
Home REIT, which funds the acquisition and creation of properties across the UK that provide accommodation for homeless people, has issued a trading update and launched an issue and placing programme to raise around £262m.
In a statement, the company said: "Home REIT launched with a successful IPO (initial public offering) in October 2020 raising £240 million. In less than 10 months, it has built a £328 million portfolio and works with 21 tenants and 81 local authorities."
Home REIT now provides more than 3,800 beds to homeless people across the UK including, women fleeing domestic violence, people leaving prison, individuals suffering from mental health or drug and alcohol issues and foster care leavers.
The statement added: "With net proceeds from the IPO and debt now fully deployed or allocated, the company is seeking to raise further capital to grow and expand its ability to provide fit for purpose accommodation for homeless people across the UK, in line with its IPO objectives, which it is fully on track to meet."
The company’s portfolio is diversified across 81 different local authorities and 21 tenants. Around 13.4 per cent of this portfolio, by asset acquisition value, is based in Yorkshire.
Jamie Beale, Partner at Alvarium Home REIT Advisors Limited, said: “In the 10 months since our IPO in October last year, we have efficiently deployed the capital available to us in line with our investment strategy, which focuses on working with highly specialist operators to provide critically needed accommodation to people at risk of homelessness.
"As a result, we have continued to meet our objectives, ensuring a positive social impact for some of the most vulnerable members of society, while also delivering a strong performance on behalf of our investors, remaining well on track to reach our dividend target.
“We are closely monitoring an active pipeline of acquisition opportunities as we look to grow our capacity and, further to the company’s announcement on 20 July 2021 regarding a potential equity issue, look forward to updating the market shortly."