Home REIT income falls 72% as sell-off ramps up

The value of embattled Home REIT’s portfolio has almost halved over the past 12 months as the sell-off of its assets ramps up. In its regular monthly update to the market, the group said its portfolio had fallen in value from £412.9m at 31 August 2023 to £282.1m at 31 July 2024. The number of properties in its ownership has dropped from 2,473 to 1,560. The starkest fall, however, is in rental income, down by almost 72% to £15.3m, compared with £54m a year ago. In the period between 1 September 2023 and 31 July 2024, the group said it had sold a total of 914 properties for £128.8m, with a further 287 assets at exchange. These are due to be sold at £34.1m. Some 22% of the group’s remaining estate is vacant.