Home REIT disputes Smith Square Partners claim over alleged £1.62 million fee
Home REIT is updating investors on a commercial dispute linked to strategic advice provided during its portfolio sales process. The claim centers on whether a 2025 market statement triggered a contractual tail fee after Smith Square Partners LLP's mandate ended in November 2023.
Highlights
- Smith Square Partners issued proceedings against Home REIT for an alleged £1,623,600 unpaid fee, seeking contractual interest, further relief, and costs.
- Home REIT's disputed fee claim stems from Smith Square's assertion that the 13 November 2025 RNS regarding a major portfolio sale triggered the tail fee within 24 months post-mandate.
- Home REIT intends to vigorously defend the claim, adding legal and cost risk alongside its ongoing disposal of 706 properties to Patron Capital as announced on 2 March 2026.
Claim details and company response
As reported by London Stock Exchange Regulatory News Service, Smith Square Partners LLP this week issues proceedings against Home REIT over an alleged unpaid contractual debt of £1,623,600, along with contractual interest, further or other relief, and costs.Home REIT says Smith Square Partners was appointed in early 2023 to provide the board with specific strategic advice, and that the appointment terminated with effect from 24 November 2023. The dispute relates to a claimed tail fee that Smith Square alleges became payable within the 24-month period following that termination.
Portfolio sale context and sector impact
The claim alleges that Home REIT's RNS statement of 13 November 2025, which responded to press speculation about the company's portfolio sales process, triggered the fee. The company later announced on 2 March 2026 that it had exchanged on the disposal of 706 properties, representing the majority of its asset portfolio, to Patron Capital.Home REIT says it intends to vigorously defend the claim. The dispute adds a legal and cost risk to a property company already engaged in a large-scale disposal process, with the case focused on how advisory fee terms apply to portfolio transactions after a mandate has ended.
Our earlier coverage of the Tower Bridge Funding 2026-2 UK RMBS transaction detailed how the deal is structured around a pool of Vida Bank mortgages, including highly rated senior notes supported by credit enhancement and a reserve fund. We also outlined the key counterparty protections—such as the fixed-to-floating swap and account bank arrangements—and why these features matter for managing costs, liquidity and cashflow risks within UK transactions.
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