Britain’s Serious Fraud Office has opened a bribery and fraud investigation into the past management of Home REIT, arresting six people and searching seven sites on 14 January 2026. The agency estimates suspected wrongdoing at about £300m, with support from the National Crime Agency and Italy’s Guardia di Finanza, which searched a property in Venice. ([gov.uk](Link

Home REIT listed in October 2020 and raised more than £850m within three years by promising long leases to charities and community interest companies housing rough sleepers, veterans and people in recovery, with rent payments funding investor returns. Company filings show it was admitted to the premium segment of the London Stock Exchange on 12 October 2020. ([ft.com](Link

Concerns escalated in November 2022 after an investor report questioned valuations and tenant rent cover, and trading in Home REIT’s shares was suspended on 3 January 2023 after missing a reporting deadline. Coverage has tied the report to short-seller Viceroy Research and noted a share price fall of more than 70% before suspension. ([scottishfinancialreview.com](Link

Tuesday’s operation included searches at homes in Altrincham, Maidenhead and London, plus a commercial site in Manchester. The SFO says the case targets the company’s past management; the investigation is ongoing. ([gov.uk](Link

Regulatory scrutiny had already widened. The Financial Reporting Council opened an investigation into BDO’s audit of Home REIT’s 2021 accounts on 8 April 2025, and Home REIT said it was notified on 7 February 2024 that the FCA had commenced an investigation covering 22 September 2020 to 3 January 2023. ([frc.org.uk](Link

Strategy and stewardship also shifted. Shareholders approved AEW UK Investment Management as AIFM and investment manager on 21 August 2023, replacing Alvarium, and later backed a managed wind‑down policy in September 2024 to focus on stabilising assets and cashflows. ([investegate.co.uk](Link

Asset values were re-based through 2024–25. Industry reporting shows the portfolio valued at about £265m as at 31 August 2024-around 45% of original acquisition cost-while NAV fell to 24.25p. Property disposals have continued, with 451 sales completed and a further 257 exchanged, generating £95.5m to reduce borrowings. ([theaic.co.uk](Link

Debt counterparties have been addressed alongside disposals. Company updates noted fees paid to Scottish Widows and the subsequent release of its charge over assets, a step that can influence recoveries in any future claims process. ([lse.co.uk](Link

Shareholders have sought redress in parallel. Law firm Harcus Parker is pursuing a claim on behalf of more than 250 investors citing losses tied to strategy and asset quality, according to Sharecast. ([sharecast.com](Link

What should investors watch now? Three areas matter: the progress of the SFO case, the pace and pricing of disposals under the wind‑down, and signals from regulators on audit and disclosure standards. Arrests are not charges, but the enforcement signal is strong; the read‑across is a tougher bar for REIT governance, tenant quality and independent valuations across the social housing space.