Home REIT PLC announced that it has sold a portion of its properties to reduce company debt. The London-based real estate company focuses on investing in social housing across the UK and started selling properties in August last year. Over the last three days, Home REIT sold 226 properties at public auctions, generating proceeds of c. €31m, which represents about 9% of the company's portfolio value.
"The gross proceeds from the sale properties are 8.1% below the draft August 2023 values. The majority of the properties sold are below portfolio average lot size which may cause a greater percentage variation when comparing the sale price to the August draft valuation," Home REIT explained.
Since August last year, the company has completed on the sale of 914 properties and exchanged on a further 287 properties. The gross proceeds from properties sold and exchanged totals c. €190.83.
Home REIT shares have been suspended since January 2023, after the company failed to publish its annual report.
Image source - Pexels.
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