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Home REIT plc (HOME) has disclosed the successful completion of a series of public auctions over the past three days, resulting in the sale of 226 properties. The gross proceeds from these sales amount to £26.5 million, accounting for approximately 9% of the Company’s portfolio value, as per JLL's draft valuation from August 2023.
Sale Details and Financial Impact
The properties sold were predominantly smaller in size compared to the portfolio average, which has contributed to an 8.1% decrease in gross proceeds relative to the August 2023 draft valuation. Despite this, the total proceeds from sales and exchanges since August 2023 amount to £163.1 million. This figure aligns closely with the draft valuation from August 2023, indicating a consistent value for the portfolio despite the recent sales.
Usage of Proceeds
The proceeds from these sales will be directed towards:
- Reduce the Company’s borrowings
- Provide working capital for operational needs
Portfolio Management and Future Outlook
Since August 2023, Home REIT has completed the sale of 914 properties and exchanged contracts on further 287 properties. This strategic approach is part of the Company's ongoing portfolio management efforts to optimize asset performance and financial stability.
