Troubled property investment trust Home Reit has sold off another 76 properties for a total of £14.6mn.
Since August 2023, the company has completed on the sale of 585 properties and exchanged on a further 262, representing a total of £125.8mn.
A trading update, published today (May 10), said: “Sale proceeds will be used to reduce borrowings and provide working capital.”
The real estate investment trust is currently under investigation by the Financial Conduct Authority.
In April, it revealed it was pursuing legal action against its ‘non-performing’ tenants.
It said AEW, the investment manager appointed in May 2023, continues to work on stabilising the portfolio and pursuing legal action.
At the time it said: “AEW continues to work with select tenants on payment plans. It is anticipated that rent collection will vary month on month in the near term as AEW continues to work on stabilising the portfolio and pursues legal action.”
The FCA’s investigation into Home Reit covers the period between September 22, 2020 and January 2023.
tara.o’connor@ft.com
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