Home REIT said it is considering selling some of its properties to alleviate its current crisis.
Suspended since January, Home REIT’s rent collections have slumped and earlier this week its largest tenant, Lotus Sanctuary, went into administration.
An initial draft of an investigation into the company’s problems by Alvarez & Marsal has been delivered but this is subject to certain clarifications and finalisation, today’s statement added.
The group is in the process of changing its investment adviser, with six proposals now received, according to the statement.
Home REIT has also agreed to repay £30mln of cash held in a restricted account to a specific lender, which will reduce its outstanding debt to this lender to £220mln.
Engagement is ongoing with tenants to restore rent payments and maintain service provision for the occupants of its properties, Home REIT added.