Home REIT’s tenant Big Help surrenders leases for over 600 properties, ET RealEstate
BENGALURU: Home REIT tenant Big Help has given up its interest in properties, enabling the group to directly collect the underlying income from them, the housing provider for the homeless said on Wednesday.
The company said Big Help has completed the surrender of more than 600 properties that it leases, which account for about 30% of the London-listed firm’s portfolio by number of properties.
Home REIT has been under duress ever since it was rocked by a report from short-seller Viceroy Research in late 2022 which raised several concerns, including the valuation of its assets and non-payment of rent by some tenants.
The company said it will appoint managers to the properties surrendered by Big Help for day-to-day management and rent collection.
In January, Home REIT appointed Michael O’Donnell as chair as the company battles investor pressure over its lacklustre performance.
The company and its investment manager AEW in February confirmed that they are aiming to publish its overdue audited results for 2022 and 2023 financial years in the second quarter of this year.
