Home REIT has sold a further 103 properties for an even steeper discount than its latest valuation.
The properties were sold at auction for a total of £6.6m.
The gross proceeds from the sale were £600,000, or 8.4%, below the draft August 2023 values. But that valuation for the entire portfolio was less than half of the price the REIT paid for the properties.
It is unclear what price was paid for these properties by the REIT initially, although previous sales have been at discounts of half to two-thirds.
The entire portfolio was revalued at 42% of acquisition cost in December.
The REIT, which appointed former Helical board member Michael O’Donnell as its new chair last week, replacing Lynne Fennah, is attempting to right the ship after a series of scandals and after having its shares suspended for more than a year.
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