Home REIT has deployed £166.4m (€193.7m) of the proceeds raised in the company’s recent oversubscribed £350m equity issue last month.
The London-listed company, which funds the acquisition and creation of properties across the UK that are dedicated to providing accommodation to homeless people, has bought 23 portfolios comprising 366 properties located across England and Wales.
Home REIT said the purchase of the properties was made from the company’s £400m acquisition pipeline.
The latest acquisitions have added a further 1,850 beds to the portfolio bringing the total to just under 5,700. The deal also represents the company’s first acquisition in Wales, it said.
Jamie Beale, a partner at Alvarium Home REIT Advisors, said since announcing the results of its oversubscribed equity issue, last month, the company has been busy “responsibly investing the proceeds into the pipeline of properties identified, efficiently deploying a sizeable portion of the funds into a portfolio generating long-term income on sustainable rents”.
“Importantly, this latest tranche of properties will enable us to increase the amount of high-quality accommodation we can provide members of society facing homelessness, working alongside our charity partners and local authorities, as we enter the colder months.”
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