UK property company Home REIT has sold an additional 226 properties at public auction over the past three days.
These properties, collectively referred to as the Sale Properties, were sold for £26.5 mln (€31.2 mln), representing approximately 9% of Home REIT’s portfolio based on JLL's August 2023 valuation.
The sale price for the Sale Properties is 8.1% below their estimated value in the August 2023 draft valuation. The majority of these properties are smaller than the average property in the portfolio, which can lead to a larger percentage difference between the sale price and the valuation.
Since August 2023, Home REIT has completed the sale of 914 properties and exchanged contracts for an additional 287. The total gross proceeds from these sales and agreed sales amount to £163.1 mln (€191.2 mln), which aligns with the August 2023 draft valuation.
The proceeds from these property sales will be used to reduce debt and provide the Home REIT with working capital.
The latest sale is part of the London-based social housing company’s ongoing efforts to reduce debt.
