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
30
September 2024
Home REIT
plc
("Home REIT" or the
"Company")
Property
Sales
The Company announces that at a
series of public auctions held on the 25th,
26th and 27th of September,
the Company has exchanged on the sale of a further
200 properties (the "Sale Properties"). Gross proceeds for the
sales were £36.9m, representing 15% of the Company's portfolio by
value (based on JLL's February 2024 draft
valuation). The
gross proceeds from the Sale Properties
are in line with the draft February 2024 values.
Since August 2023, the Company has
completed on the sale of 1,208 properties and exchanged on a
further 293 properties. The gross proceeds from properties sold and
exchanged totals £216.9m, which in aggregate is in line with
JLL's August 2023 and February 2024 draft
valuations.
Whilst positive and negative
variations between the sales price at auction and draft valuations
are to be anticipated the Board remain encouraged that in aggregate
the auction results continue to be in line with the draft
valuations with strong results for the Company's higher value
properties, particularly in London where results have been strong,
and sales prices have exceeded draft valuations. As at 30 September
2024 the Company's regional exposure to London by value is 20%
(based on JLL's February 2024 proforma 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
Bryn
Woodward
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.