Ben Gotlieb, the chief executive of Bluestar, the potential bidder for Home Reit (HOME ), has denied his firm is operating in connection with Alvarium, the embattled real estate investment trust’s fund manager.

In response to reports, including Citywire’s, pointing out Gotlieb, 32, previously worked at Alvarium, and that his former employer owned 40% of a Bluestar subsidiary, Bluestar Advisors, the company issued a statement to the stock exchange saying links between the two were being cut.

‘A subsidiary of Bluestar had previously entered into a business arrangement with Alvarium Re Limited, a former affiliate of Alvarium Home Reit Advisors (Alvarium Home). This business arrangement, ended in December 2022 and is in the process of being disslovld.

‘For the avoidance of doubt, neither Bluestar nor any of its group companies has any business association or otherwise with Alvarium Home or any of its group companies,’ it stated.

Filings with Companies House show that Bluestar Advisors, which was formed in September 2020, had two directors: Gotlieb and Jonathan Elkington, a partner and head of private real estate at Alvarium.

Bluestar Group, which describes itself as a real estate debt fund, incorporated in October 2019. It has filed accounts once showing it held cash of £1 and short-term debts of £169,497 at 31 October 2021.

It is being advised by Numis Securities in relation to its unsolicited approach to Home, the homeless accommodation provider which yesterday disclosed Bluestar’s interest as the board announced it was looking at all strategic options, including a sale, to enhance shareholder value.

The company, which received just 23% of its rent from charity tenants in the three months to November, faces a potential refurbishment bill of up to £20m bringing its properties up to standard.

Bluestar has until 16 March to firm up its offer. Analysts and investors are gloomy about the prospects for Home shareholders receiving anything like the former value of their stakes. Shares in the Reit were suspended at 38p in early January after a four-month delay in the publication of annual results following the publication of a highly critical report by short-seller Viceroy Research.

They plunged 70% last year with most of the falls coming in the wake of Viceroy’s allegations of property overvaluation and conflicts of interest between the fund manager and property developers. The National Crime Agency is reportedly considering launching an investigation.

An annual general meeting on Monday will give shareholders a chance to vent their feelings and quiz the board and fund manager, which was spun off into a new company by Alvarium last month as part of its merger and listing on the Nasdaq stock exchange in the US.