Bust Home REIT tenant surrenders leases on 146 properties

No rent paid in 2023

Redemption Project CIC, Home REIT’s third largest tenant, has surrendered its leases on 146 properties following its entry into creditors voluntary liquidation.

According to a regulatory filing, the move will allow Home REIT to receive a higher rent collection than had been received from Redemption Project over its tenure as tenant. Two Home REIT tenants enter creditors' voluntary liquidation The firm has not paid rent to the trust over the course of 2023. Mears Limited, which had been occupying 77 of these properties on sub-leases from Redemption Project, will become a direct tenant for the remaining lease term of 8 years, with an initial contracted rental income of £732,720 per annum, a 36% markdown from the annual co...