Home REIT sells 14 properties at average 49% loss as inspections prolonged

Early 2024 target for outstanding accounts

Home REIT has exchanged contracts for 14 properties for a value of £8.9m, representing a 51% cut to the purchase price, as the trust continues to offload its portfolio to improve its financial position.

In its third monthly update today (6 November), the embattled trust said the sales had taken place at a public auction held on 2 November, with two more auction sales expected this week. In total, the trust has exchanged contracts for the sale of 191 properties for £36.5m. The first auction in early August delivered a 60.6% loss, while the value of the second sale at the end of September represented an average of just 32% of the properties' purchase price. The board of the trust, whose shares have been suspended for nearly a year, said it currently anticipates publication of the outst...