Home REIT has exchanged on the sale of a further 226 properties at a series of public auctions held this week, raising gross proceeds of £26.5m.
The properties represent circa 9% of the company’s portfolio by value, based on JLL’s August 2023 draft valuation, and the gross proceeds from the sales are 8.1% below the draft August 2023 values.
Since August 2023, Home REIT has sold 914 properties and exchanged on a further 287 properties generating gross proceeds of £163.1m.
The company said the proceeds from the sales will be used to reduce its borrowings and provide working capital.
In June this year, Home REIT announced plans to sell more of its property portfolio after it failed to refinance its loan with Scottish Widows. The company is due to publish its audited results for the year ended 31 August 2022 some time this month.
