Homeless accommodation specialist Home REIT has spent its entire £360m warchest and is planning a new equity issue.
An update this morning said: “With the entirety of the company’s equity and debt capital now invested or committed, and the critical need for high-quality, long-term homeless accommodation ever increasing, the board is assessing a potential future issue of ordinary shares to finance acquisitions from the company’s significant pipeline of investment opportunities.”
At its IPO in October 2020 the REIT raised £240m, which was followed by a £120m debt facility from Scottish Widows.
The REIT currently holds 643 properties, housing 3,648 people.
Jamie Beale, partner at Alvarium Home REIT Advisors, said: “The requirement for this kind of housing continues to be felt across the UK and, having built a strong pipeline of assets that meet our strict criteria, we are well positioned to be able to help meet this growing demand.
“Our track record of prudent deployment into attractive assets provides a strong platform for future growth and we look forward to delivering further value for our shareholders and a positive social impact for some of the most vulnerable members of society.”
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