Home REIT probe blasts investment adviser for lack of transparency

Logo Daily MailDaily Mail
2023-05-30 10:39:40  • 3 mins

An investigation into allegations of wrongdoing at embattled homeless accommodation provider Home REIT has levelled substantial criticism at its investment adviser.

The London-listed trust's board told investors today a report by forensic accountants Alvarez & Marsal had found a lack of transparency on the part of Alvarium Home REIT Advisors had restricted its capacity to assess the financial strength of its tenant base.

It also found failures in the investment adviser's due diligence efforts, with Alvarez & Marsa highlighting 'limited evidence of detailed ongoing monitoring of tenants being undertaken'.

Home REIT has been embroiled in crisis for much of this year amid the delay of its financial results, a damaging short seller report and the waning ability of its tenants to pay rents.

With regard to transparency, the report found arrangements for the refurbishment of properties were not brought to the board's attention by the adviser.

The board said: 'Some arrangements with the company's corporate tenants and developers relating to the cost of refurbishment of properties were not brought to the attention of the board by the investment adviser, so that the board was unable to consider whether a release of a developer's liabilities for refurbishment of properties was appropriate

'A settlement was entered into by a number of the company's tenants and a key developer, without the knowledge of the board, to release the developer from future liability to complete refurbishment works

'In certain cases these settlement amounts have been utilised by the tenants, with the knowledge of the investment adviser, to settle outstanding rent arrears due from such tenants instead of being used to complete refurbishment works.

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