Home REIT has appointed JLL and Allsop as joint sales agents as part of the managed wind-down of the business.
The REIT said that during the wind-down it would consider various forms of property sales, including, auction, private treaty, portfolio and individual asset sales.
In a statement, the board of Home REIT said: “Although it will be necessary to realise a proportion of the portfolio before 31 December 2024 to meet the requirements of Scottish Widows and repay the outstanding debt, sales will be structured and executed with the intention to achieve best value and to minimise disruption to the underlying occupiers of the portfolio.
“A decision on the preferred method of disposal will be determined by a number of factors, including property condition, location, tenant type, lease terms, the nature of interested purchasers and market conditions. It is anticipated that whilst parts of the portfolio may be identified for private treaty and portfolio sales, properties will continue to be sold via auction.”
It added: “Given the diverse and granular nature of the portfolio, it is anticipated that there will be a wide variety of parties interested in acquiring individual or portfolios of properties including private investors, property companies, larger real estate investment companies and specialist investment companies for supported living assets. As such, the appointment of both JLL and Allsop is considered appropriate in order to maximise exposure and manage a diverse set of counterparties.”
In July, this year the board of Home REIT announced it would be in the best interests of shareholders as a whole to put forward proposals for a managed wind-down of the company.
Shareholders will vote on the REIT’s new investment policy and proposed wind-down at a general meeting on 16 September. Home REIT said the wind-down process would be managed with the intention of “realising all the assets in its property portfolio in an orderly manner and with a view to repaying borrowings and making timely returns of capital to shareholders whilst aiming to optimise value for the company’s assets”.
