A fund manager bidding to run troubled landlord Home REIT has been told that it is ‘mad’.
Edinburgh-based RM Funds is lobbying to become its investment adviser and has promised shareholders that it will invest in the group and slash fees.
It comes after the previous adviser, Alvarium, cut ties with the firm after it became embroiled in a series of crises, including legal disputes with tenants, a probe into its accounts and an investigation into allegations of bribery.
‘Mad’: Edinburgh-based RM Funds is lobbying to become Home REIT’s investment adviser
A source at RM said many in the City had looked at its proposal in astonishment.
‘Firms that our fund invests in ask us if we are mad,’ they said. ‘And it’s a fair question, there is a lot of negative news and it comes out almost weekly.’
RM is one of six firms hoping to be adviser.
Home REIT separately faces a potential bid from Blue Star Group, whose director Benoit Gotlieb has links to Alvarium.
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