Home REIT PLC on Tuesday said it reached an agreement with Eden Safe Homes CIC for the latter to surrender leases on properties.

Home REIT, a London-based real estate firm, which invests in housing for homeless people, said Eden Safe will surrender leases on 38 properties, equating to around 2% of its portfolio by number of properties.

Eden Safe has not paid rent to Home REIT since October 2022. The annual contracted rent due from Eden Safe on the properties was £1.1 million.

The company said it appointed national residential property services company Centrick as property manager of the properties.

Most of the properties are occupied by private rented sector tenants on assured shorthold tenancies, which will now transfer to Home REIT, enabling the company to directly collect underlying income from the properties. It increases rent collection and facilitates asset management opportunities, Home REIT added.

Home REIT shares were suspended in January after it failed to published its annual report for the financial year that ended August 31, 2022.

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