Home REIT has raised sufficient funds from property sales to fully repay its outstanding loan to Scottish Widows.
The company exchanged on the sale of 152 properties at auctions held earlier this week, raising gross proceeds of £26.8m.
The board of Home REIT said following completion of the outstanding property sales the company “expects to repay the remaining loan amount, which amounted to £72m as at 30 September 2024, before the end of the year”.
Since August last year, Home REIT has completed on the sale of 1,229 properties and exchanged on a further 415 properties. The gross proceeds from properties sold and exchanged totals £243.3m.
Earlier this month, Home REIT published its overdue accounts for the year ended 31 August 2022, which revealed the company had posted a pre-tax loss of £474.8m.
In June, Home REIT announced it had been unable to secure a refinancing of its £250m debt facility with Scottish Widows on terms it could recommend to shareholders, which led to a managed wind down of the business.
