Home REIT exchanges 65 properties at auction

19th Apr 2024 07:05

(Sharecast News) - Home REIT announced the successful exchange of 65 properties on Friday, at a public auction held on 18 April.

The company said the sale yielded gross proceeds of £15.9m, accounting for 4.8% of its portfolio value based on JLL's August draft valuation.

It said the proceeds aligned with JLL's valuation, marking a consistent performance.

Since August, Home REIT had finalised the sale of 533 properties and exchanged contracts for an additional 240 properties.

The firm said the cumulative gross proceeds from the transactions amounted to £111.4m, mirroring the August draft valuation.

It said it planned to use the sale proceeds to reduce borrowings and bolster its working capital.

Reporting by Josh White for Sharecast.com.