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UK's Home REIT appoints JLL to undertake valuation of its properties

Published 04/09/2023, 07:51
Updated 04/09/2023, 08:35
© Reuters.

(Reuters) -Britain's Home REIT (LON:HOMEH) said on Monday it has appointed global property services firm Jones Lang LaSalle (JLL) to undertake valuations of the entire portfolio of the housing provider for the homeless.

The company, rocked by a report in November last year from short-seller Viceroy Research that raised several concerns, including the valuation of the company's assets, said the earliest it was expecting to publish outstanding accounts was not until late 2023.

Shares in Home REIT had slumped more than 30% immediately after the report before hitting a record low in December when the company said its auditor was reviewing Viceroy's allegations.

The stock was temporarily suspended from trading in early January after the company missed a deadline to publish its annual financial report, citing unfinished audit process.

Home REIT said JLL would undertake the valuations based on market value on the assumption of vacant possession as of August end this year as well as the last and as on Feb. 28, 2023.

In May, Home REIT said it would not "proactively" pursue a sale after potential suitor Bluestar Group decided not to bid for the housing provider.

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