Last checked at 4 Aug 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
4 August 2023
Home REIT plc
("Home REIT" or the "Company")
Property Sales
Following the appointment of AEW as Property Advisor, and as previously stated, the Company's immediate priorities are to stabilise its property portfolio, provide working capital and reduce its borrowings. The Company today announces that at a public auction held yesterday afternoon, the Company has exchanged on the sale of 40 properties, representing 1.6% of the Company's portfolio by number, for £4,848,000, with completion expected in approximately one month's time (the "Sale Properties").
The Sale Properties were identified as having limited prospects for income and capital return given the required capital expenditure in order to be brought up to specification. The proceeds from the Sale Properties represented an average of 39.4% per cent of their purchase price, reflecting the vacant status of the majority of the Sale Properties and their condition. Sale proceeds will be used to reduce borrowings and provide working capital.
Subject to approval by shareholders of the Company's new investment policy at the forthcoming General Meeting, the Company and AEW will undertake a programme of re-tenanting and rationalisation with a view to stabilising the Company's financial condition and maximising value for shareholders.
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.