Property Sales

Home REIT PLC

28 March 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

28 March 2024

Home REIT plc

("Home REIT" or the "Company")

Property Sales

The Company announces that at a series of public auctions held over the last two days, the Company has exchanged on the sale of a further 63 properties (the "Sale Properties"). Gross proceeds for the sales were £6.1m, representing 1.8% of the Company's portfolio by value (based on JLL's August 2023 draft valuation).

The gross proceeds from the Sale Properties are £0.5m (7.7%) below the draft August 2023 values. The majority of the properties sold are below portfolio average lot size (as was the case in auctions completed in January and February) which may cause a greater percentage variation when comparing sale price to the August draft valuation.

Since August 2023, the Company has completed on the sale of 451 properties and exchanged on a further 257 properties. The gross proceeds from properties sold and exchanged totals £95.5m, which in aggregate is in line with the August 2023 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 Eve Kirmatzis 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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