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Home REIT plc announced on 2 August 2024 it has exchanged on the sale of 226 properties for gross proceeds of £26.5m. These specific sales represented approximately 9% of the Company's portfolio by value (August 2023 draft valuation) and were 8.1% below their August 2023 draft values. Cumulatively, since August 2023, the Company has completed on 914 property sales and exchanged on an additional 287, bringing total gross proceeds to £163.1m, which aligns with the August 2023 draft valuation in aggregate.
| Date | 2 Aug 2024 |
| Time | 07:00:05 |
| Category | Disposals |
| ID | 8950Y |
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION
FOR IMMEDIATE RELEASE
2 August 2024
Home REIT plc
("Home REIT" or the "Company")
Property Sales
The Company announces that at a series of public auctions held over the last three days, the Company has exchanged on the sale of a further 226 properties (the "Sale Properties"). Gross proceeds for the sales were £26.5m, representing c.9% of the Company's portfolio by value (based on JLL's August 2023 draft valuation). 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.
Since August 2023, 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 £163.1m, which in aggregate is in line with the August 2023 draft valuation.
Sale proceeds will be used to reduce borrowings and provide working capital.
FOR FURTHER INFORMATION, PLEASE CONTACT:
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FTI Consulting (Communications Adviser) Dido Laurimore Eve Kirmatzis Oliver Harrison |
HomeREIT@fticonsulting.com +44 (0)20 3727 1000 |
The Company's LEI is: 213800A53AOVH3FCGG44.
For more information, please visit the Company's website: www.homereituk.com
Inside Information
The information contained within this announcement is deemed by Home REIT to constitute inside information as stipulated under the Market Abuse Regulation (EU) no. 596/2014 (as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018). On the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.