Home REIT raised £18.5m from the sale of 101 properties at a series of public auctions held on 29 August.
The gross proceeds generated from the sale of the properties was 4.8% above the draft August 2023 values.
Since August last year, Home REIT has completed on the sale of 987 properties and exchanged on a further 315 properties. The gross proceeds from properties sold and exchanged totals £181.2m, which in aggregate is in line with the August 2023 draft valuation.
The REIT said the proceeds from the sales would be used to reduce borrowings and provide working capital.
Last week, Home REIT announced it had 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.
Shareholders will vote on the 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”.
