Property Sales

Home REIT PLC

30 September 2024

 

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

30 September 2024

Home REIT plc

("Home REIT" or the "Company")

Property Sales

The Company announces that at a series of public auctions held on the 25^th, 26^th and 27^th of September, the Company has exchanged on the sale of a further 200 properties (the "Sale Properties"). Gross proceeds for the sales were £36.9m, representing 15% of the Company's portfolio by value (based on JLL's February 2024 draft valuation). The gross proceeds from the Sale Properties are in line with the draft February 2024 values.

Since August 2023, the Company has completed on the sale of 1,208 properties and exchanged on a further 293 properties. The gross proceeds from properties sold and exchanged totals £216.9m, which in aggregate is in line with JLL's August 2023 and February 2024 draft valuations.

Whilst positive and negative variations between the sales price at auction and draft valuations are to be anticipated the Board remain encouraged that in aggregate the auction results continue to be in line with the draft valuations with strong results for the Company's higher value properties, particularly in London where results have been strong, and sales prices have exceeded draft valuations. As at 30 September 2024 the Company's regional exposure to London by value is 20% (based on JLL's February 2024 proforma draft valuation).

Sale proceeds will be used to reduce borrowings and provide working capital.

FOR FURTHER INFORMATION, PLEASE CONTACT:

FTI Consulting (Communications Adviser) Dido Laurimore Bryn Woodward Oliver Harrison

[e-mail] [phone]

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.

 

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