UK financial watchdog starts probe into Home REIT

13th Feb 2024 12:12

(Sharecast News) - Britain's financial watchdog has started a probe into troubled housing investor Home REIT, the company revealed on Tuesday.

Home REIT, which marketed itself as a vehicle to tackle homelessness, told the London Stock Exchange said it had been notified of an investigation into it from the Financial Conduct Authority, covering the period between September 22, 2020 to January 3 last year.

The company has been selling off properties after a scathing report from short seller Viceroy Research which questioned the robustness of Home REIT's tenant base and rental income in October 2022.

Trading in Home REIT's shares has been suspended since January 2023 after it missed the deadline to publish its annual report.

"Naturally, the company will cooperate fully with the FCA in its work," Home REIT said. Last week it announced it would publish its long-overdue audited results in the second quarter of this year.

It has also been offloading properties in its portfolio, and last month sold more than 200 sites in two transactions.

Reporting by Frank Prenesti for Sharecast.com