Home REIT, the investment firm focused on accommodation for the homeless, is finally in a position to pay off its debt following its latest property sales.
The REIT, which will be wound down after a series of troubles, sold 152 properties at auction on 21 and 22 October, with gross proceeds of £26.8m.
The company now has enough cash to fully repay a Scottish Widows loan that it has been unable to refinance. That loan has £72m outstanding, which Home REIT said will be repaid before the end of the year.
Home REIT recently published its 2022 accounts after a significant delay. In doing so it said it had faced “unprecedented challenges”, including investigations into allegations of wrongdoing; tenant arrears and liquidations; a change in investment adviser; the suspension of its shares; a potential threatened group litigation action against the company and directors in office at the time that the shares were suspended; refinancing struggles; and an FCA investigation.
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