Home REIT PLC has announced that it sold an additional 65 properties for c. €18.6m at an auction. These properties represent 4.8% of the company's portfolio by value. Since August 2020, Home REIT has sold 533 properties and exchanged on a further 240 properties, with the gross proceeds from properties sold and exchanged totalling c. €130.3m. However, shares in Home REIT are currently suspended from trading in London.
Home REIT has faced several challenges in recent months. On Thursday, the company announced plans to bring legal action against its former investment fund manager. The company issued a "comprehensive response" to a pre-action letter of claim from Harcus Parker Ltd, alleging that the company provided investors with "false, untrue, and/or misleading" information. Home REIT denied the allegations and stated that it intends to defend itself vigorously.
The company also plans to bring legal proceedings against parties it considers responsible for wrongdoing, including Alvarium Fund Managers (UK) Ltd, its former alternative investment fund manager, and AlTi RE Ltd, its former investment adviser's appointed representative.
Image source - Pexels.
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