Home REIT has raised £263 million through an oversubscribed placing of 229 million shares priced at 115 pence per share.
Due to high demand from investors, Home REIT increased the size of the placing from the target of approximately £150 million to £263 million.
”Notwithstanding this increase, investor demand exceeded the maximum size of the placing,” Home REIT said.
Following this placing, the company has issued all the ordinary shares covered in its placing programme.
Home REIT will deploy the net proceeds of the subsequent placing into the company’s £300 million acquisition pipeline.
“The result of this oversubscribed fundraise, underpinned by strong demand from new and existing investors, is a further endorsement of Home REIT’s strategy, purpose and the compelling track record the team has built since inception just 18 months ago. In that short time, we have created a portfolio offering over 8,500 beds to those who need them most and these new proceeds will enable us to continue our mission to provide critically needed housing, while scaling the Company and delivering on behalf of our increased shareholder base,” said Lynne Fennah, Chairman of Home REIT plc.
Home REIT’s portfolio is valued at £713.4 million (as at 28 February 2022), providing 8,556 beds to homeless people across the UK, with 28 tenants across England and working closely with 118 local authorities, delivering a 17% EPRA Net Tangible Assets / NAV total return since launch.