19th Apr 2024 08:17
(Alliance News) - Home REIT PLC said it has sold a further 65 properties for GBP15.9 million.
Home REIT is a London-based real estate company, which invests in accommodation for homeless people.
It said it sold the properties at an auction. They represent 4.8% of the company's portfolio by value.
Since August last year, Home REIT has sold 533 properties and exchanged on a further 240 properties. The gross proceeds from properties sold and exchanged total GBP111.4 million.
Shares in Home REIT are currently suspended from trading in London.
The formerly FTSE 250 constituent has been plagued by misfortunes over recent months.
On Thursday, Home REIT said it plans to bring legal action against its former investment fund manager.
Home REIT issued a "comprehensive response" to a pre-action letter of claim received from Harcus Parker Ltd.
The letter of claim alleges that the company provided information to investors which was "false, untrue and/or misleading."
"The company intends vigorously to defend itself in respect of the threatened litigation and has denied the allegations made against it," Home REIT said.
It also it plans to bring legal proceedings against parties it considers responsible for wrongdoing. It has therefore issued pre-action letters of claim to Alvarium Fund Managers (UK) Ltd, its former alternative investment fund manager, and AlTi RE Ltd, its former investment adviser's appointed representative.
By Sophie Rose, Alliance News senior reporter
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