Home REIT PLC on Friday announced the sale of properties as part of its ongoing efforts to reduce company debt.
The London-based real estate company, which invests in social housing across the UK, began selling properties in August last year.
Home REIT said that at a series of public auctions held over the last three days, it has sold a further 226 properties.
Proceeds from the sales were £26.5 million, representing about 9% of the company’s portfolio by 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 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 £163.1 million.
It noted that the sale proceeds will be used to reduce borrowings and provide working capital.
Home REIT shares have been suspended since January 2023, after the company failed to publish its annual report. They last traded at 38.05 pence each on January 3.
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