Home Reit has announced the sale of an additional 117 properties for £5.6m, representing 1.4% of the trust’s portfolio.
February’s sale follows an announcement from 24 January where Home Reit offloaded 103 properties for a total of £6.6m. As part of Home Reit’s ‘stabilisation’ effort for the portfolio, it has sold 318 properties in 2024.
The gross proceeds from the sale, which took place on 14 February, were at a 15.5% discount to the properties valuations.
“The majority of the properties sold are below portfolio average lot size (as was the case in the January auction) which may cause a greater percentage variation when comparing sale price to the August draft valuation,” the trust said in a stock exchange announcement.”
Home Reit said more properties will enter into auction today (15 February).
On 18 January, trust chair Lynne Fennah stood down from her position, remaining on the board as non-executive director, while Michael O’Donnell took over the position. Home Reit’s annual results, which have been delayed, are expected to be released in Q2 this year.
Earlier this week, the Financial Conduct Authority announced an investigation into Home Reit, covering the period between the trust’s IPO in October 2020 and the suspension of its shares on 3 January 2023.
