Home REIT, which invests in accommodation for homeless people in the UK, has added 199 properties worth £85.1m (€101m) to its portfolio.

The London-listed company said the acquisition of the additional properties, located across England, was funded by the £263m it raised in May.

Including the acquisition of 216 properties last month, Home REIT said it has so far now deployed £170m of the equity fundraising proceeds.

The social housing company said the latest acquisition adds a further 869 beds to the portfolio, bringing the portfolio total to 10,421.

Home REIT said the purchase of the properties was made from the company’s £300m acquisition pipeline, which has been under due diligence and legal negotiation since earlier this year.

Charlotte Fletcher, partner at Alvarium Home REIT Advisors, said: “This latest tranche of acquisitions represents a significant expansion of our portfolio and allows us to scale up our support for homeless people across the UK.

”The expeditious deployment of the proceeds of our significantly oversubscribed subsequent placing in May demonstrates the company’s impressive capacity to source attractive investment opportunities and the strength of our relationships with local stakeholders.”

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