Home REIT has sold further 137 properties, representing 5.6% of the REIT’s portfolio by number, for £22,8m with completion expected in approximately one month’s time.
The majority of the assets by value were included in an auction which took place on the 28 September 2023.
AEW, as investment manager to the Company, identified a portfolio of properties that were in poor condition, largely vacant and requiring significant capital expenditure in order to be brought up to specification.
Of the properties exchanged for sale, 100 properties were subject to leases with tenants in liquidation which will be surrendered prior to completion.
The proceeds from the Sale Properties represented an average of 32% per cent of their purchase price. Sale proceeds will be used to reduce borrowings and provide working capital as part of AEW’s strategy to stabilise the property portfolio.
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