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Home REIT plc exchanged on the sale of 152 properties at public auctions held on 21st and 22nd October, generating gross proceeds of £26.8m, representing 11.0% of its portfolio by February 2024 draft valuation. The Company expects to repay the outstanding Scottish Widows loan, which was £72.0m as at 30 September 2024, before the end of the year. Since August 2023, Home REIT has completed the sale of 1,229 properties and exchanged on an additional 415, with cumulative gross proceeds of £243.3m.
| Date | 23 Oct 2024 |
| Time | 07:00:08 |
| Category | Corporate updates |
| ID | 2055J |
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
23 October 2024
Home REIT plc
("Home REIT" or the "Company")
Property Sales and Debt Repayment Update
The Company announces that at a series of public auctions held on the 21st and 22nd of October, the Company has exchanged on the sale of a further 152 properties (the "Sale Properties"). Gross proceeds for the sales were £26.8m, representing 11.0% of the Company's portfolio by value (based on JLL's February 2024 draft valuation).
The Board is pleased to announce that following the October auctions, sufficient proceeds to fully repay the outstanding Scottish Widows loan will be realised upon completion of the outstanding sale properties. The Company therefore expects to repay the remaining loan amount, which amounted to £72.0m as at 30 September 2024, before the end of the year.
Since August 2023, the Company has completed on the sale of 1,229 properties and exchanged on a further 415 properties. The gross proceeds from properties sold and exchanged totals £243.3m, which in aggregate is in line with JLL's August 2023 and February 2024 draft valuations.
FOR FURTHER INFORMATION, PLEASE CONTACT:
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FTI Consulting (Communications Adviser) Dido Laurimore Bryn Woodward Oliver Harrison |
+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.