Home Reit has announced the sale of another 103 properties for a total £6.6m.
The trust has now offloaded 201 properties so far this year, as part of its ‘stabilisation process’ under new investment adviser AEW.
The latest sales, which represent 4.8% of the trust’s portfolio by number and 1.6% by value, were 8.4% below the valuation placed on the properties by Jones Lang LaSalle’s August 2023 revision.
In a stock exchange announcement this morning (24 January), the Home Reit board said the proceeds from the sale would be used to reduce borrowings and provide working capital.
Last week (18 January), trust chair Lynne Fennah stood down from her position, while the rest of the board has committed to resigning once the trust’s delayed results have been published.
Michael O’Donnell was appointed chair with immediate effect, with Fennah remaining on the board as a non-executive director.
The delayed annual results are expected to be released early this year, according to Home Reit.