Last checked at 29 Sep 2023 07:00
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
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
FOR IMMEDIATE RELEASE
29 September 2023
Home REIT plc
("Home REIT" or the "Company")
Property Sales
The Company announces that at a series of public auctions held over the last eight days, the Company has exchanged on the sale of a further 137 properties, representing 5.6% of the Company's portfolio by number, for £22,845,000 with completion expected in approximately one month's time (the "Sale Properties"). The majority of the assets by value were included in an auction which took place on the 28 September 2023.
AEW, as Investment Manager to the Company, identified a portfolio of properties that were in poor condition, largely vacant and requiring significant capital expenditure in order to be brought up to specification. Of the properties exchanged for sale, 100 properties were subject to leases with tenants in liquidation which will be surrendered prior to completion. The proceeds from the Sale Properties represented an average of 32% per cent of their purchase price. Sale proceeds will be used to reduce borrowings and provide working capital as part of AEW's strategy to stabilise the property portfolio.
The person responsible for arranging the release of this announcement on behalf of the Company is FTI Consulting.
FOR FURTHER INFORMATION, PLEASE CONTACT:
FTI Consulting (Communications Adviser) Dido Laurimore Eve Kirmatzis Ellie Perham-Marchant Oliver Harrison | HomeREIT@fticonsulting.com +44 (0)20 3727 1000 |
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.