Home REIT has cleared its loan from Scottish Widows ahead of the repayment deadline.
In a stock exchange announcement this morning (28 November), the trust said it has made the final payment of £28.6m to the lender following the completion of outstanding property sales. Home REIT had been expected to pay down the debt by the end of the year.
In July, the trust proposed a managed wind-down after it was unable to re-finance its then £114.6m remaining debt.
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Borrowings have been paid down through the sale of properties within the Home REIT portfolio.
Michael O’Donnell, non-executive chair of Home REIT, said: “The full repayment of the debt facility with Scottish Widows is a significant step forward for the Company as we deliver the managed wind down strategy.
“The company is now focused upon realising its remaining property assets and on the subsequent return of capital to shareholders in due course.”
