Home REIT sells a further 153 properties at 65% loss

6.5% of portfolio by number

Home REIT has continued to offload its property portfolio to shore up its financial position by selling a further 153 properties at a series of public auctions this week, at an average loss of 65%.

In a stock exchange notice today (9 November), the embattled trust said the sales, which comprise 6.5% of its portfolio by number, were for a total value of £24.3m, representing an average of 35% of their purchase price. The trust said the sold properties were identified as being in "poor condition", largely vacant and requiring significant capital expenditure to meet the required standards. Completion of the sales is expected in a month's time. Home REIT sells 14 properties at average 49% loss as inspections prolonged In total, the trust has now exchanged contracts for the sale of...