Home REIT moves on from Alvarium as shareholders approve new investment policy

investmentweek.co.uk:

Nearly 100% (99.98%) of votes, or 558,771,343 votes per share, were cast in favour of the investment policy changes, with only 0.02% voting against and 13,519 votes withheld.

Shareholders convened at a general meeting on Monday (21 August) to vote on a raft of changes to stabilise the property portfolio and improve rent collection, including a stabilisation period that will enable the managers to invest in a wider range of assets.

Nearly 100% (99.98%) of votes, or 558,771,343 votes per share, were cast in favour of the investment policy changes, with only 0.02% voting against and 13,519 votes withheld. The votes submitted represented over 70% of issued share capital.

Home REIT's investment policy overhaul reveals depth of issues facing the trust

In a stock exchange notice, the board said its former adviser, Alvarium Fund Managers, which has been the subject of a lengthy investigation into allegations of wrongdoing, has now ceased to act as AIFM. If the vote had not passed, AEW's appointment would not have been effective. 

Chair Lynne Fennah said: «Shareholders have overwhelmingly supported our proposal and we can now focus on our continuing work with AEW to maximise value. AEW's appointment as the company's investment manager and AIFM is an important step. 

»Following the company's announcement of AEW's appointment as property adviser on 23 May 2023, AEW has begun several critical workstreams to stabilise the company's property portfolio and maintain its mission of providing accommodation to vulnerable people."

Nick Winsley, head of AEW UK, added: «Today's result will allow us to continue to execute our stabilisation strategy for the company's portfolio. Protecting the interests of all of Home REIT's stakeholders