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Attractive target returns and positive social impact

Home REIT was launched in October this year, when it raised £240.6m in its IPO after targeting a raise of £250m. The fund’s objective is to contribute to the alleviation of homelessness in the UK, whilst targeting inflation-protected income and capital returns, by investing in a diversified portfolio of assets across the UK that are dedicated to providing accommodation to the homeless. The assets will be let or pre-let on very long, inflation-linked leases to registered charities, housing associations, community interest companies and other regulated organisations that receive housing benefit or comparable support from local or central government.

The fund is managed by Alvarium Fund Managers (UK) Limited and advised by Alvarium Home REIT Advisors. Alvarium Home REIT Advisers has approximately US$7bn of real estate assets under management and has transacted over £1.5bn of property assets with a particular focus on secure, long-let and index-linked UK real estate. This includes the deployment of £430m into the strategy that Home REIT will follow, via its private social impact fund, which has created over 3,500 beds for homeless individuals.

The fund’s investment objective is to deliver inflation-protected income and capital growth over the medium term by funding the acquisition and creation of high-quality homeless accommodation across the UK let on long-term index-linked leases. It is targeting a minimum annual dividend of 5.5p per share, starting from the financial period commencing 1 September 2021, with the potential to grow the payment through upward-only inflation-linked rental uplifts. In the first financial period to 31 August 2021 the target is to pay a minimum total dividend of 2.5p per share. The fund is targeting a net total shareholder return of at least 7.5% per annum over the medium term.

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