Home REIT, which helps to house homeless people, has purchased 158 properties throughout England for £57.4m.

The company said the initiative was funded by the proceeds of its £263m equity issue in May, and has used £227m of this figure so far.

Home said the properties have added a another 711 beds for those in need, bringing its portfolio total to 11,131.

The properties are let on an average lease length of 25 years at low and sustainable rents, on new, unbroken, long-term, full repairing and insuring leases to specialist registered homeless charities and community interest companies.

“Each of the Properties is immediately income producing and, following these transactions, the blended net initial yield of the Company’s portfolio is ahead of expectations,” Home REIT said.

Home provides accommodation for vulnerable, homeless people, including those fleeing domestic abuse, facing homelessness due to poverty, suffering from drug and alcohol abuse and mental health issues, prison leavers and ex-armed forces.