Home REIT has continued its major sell-off programme, raising £11.36m from the sale of 133 properties at a series of public auctions earlier this week.
The gross proceeds from the sale of the properties were 7.8% below the draft August 2023 values.
Since August last year, Home REIT has completed on the sale of 774 properties and exchanged on a further 205 properties. The gross proceeds from properties sold and exchanged totals £137m and the proceeds will be used to reduce the company’s borrowings and provide working capital.
Earlier this week, Home REIT announced plans to sell more of its property portfolio after it failed to refinance its loan with Scottish Widows.
The company appointed AEW UK Investment Management and JLL Debt Advisory to conduct a “comprehensive process” in relation to its refinancing plans earlier this year, however, the board of Home REIT said it could not secure refinancing of the existing facility with Scottish Widows “on terms that it could recommend to shareholders, despite extensive and advanced discussions with a potential lender”.
