Home REIT offloads 137 properties at average 68% loss

5.6% of portfolio by number

Home REIT has continued its stabilisation process, selling 137 properties at a substantial loss, in an attempt to reduce borrowings and provide working capital.

At a series of auctions over the past eight days, Home REIT sold 5.6% of the company's portfolio by number for £22.8m, an average of just 32% of the properties' purchase prices. The majority of the assets by value were auctioned yesterday (28 September) and are expected to complete in roughly a month's time. Home REIT sells 40 properties for 60% average loss AEW selected a portfolio of properties that were in "poor condition, largely vacant and requiring significant capital expenditure to be brought up to specification". Of the total 137 properties sold, 100 ...