Two of Home REIT’s largest tenants have entered liquidation, worsening the situation for the suspended FTSE 250 company.
The REIT told investors this morning that Gen Liv UK CIC, a tenant making up 5.7% of the company’s annual rent roll, has entered into a creditors’ voluntary liquidation and has appointed FRP Advisory as liquidator.
Lotus Sanctuary CIC, which accounts for 12.5% of Home REIT’s annual rent roll, also entered into a creditors’ voluntary liquidation on 2 March 2023.
Home said it was “in discussions with prospective tenants to take on new leases of Gen Liv UK CIC’s and Lotus Sanctuary CIC’s portfolios”.
It added: “It should be noted that whilst discussions with prospective tenants are ongoing, arrangements have been made for existing care and support services to continue, to ensure that there is no impact on underlying residents. No resident will lose their accommodation as a result of the above creditors’ voluntary liquidations.”
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