REG - Home REIT PLC - Repayment of Debt

Home ReitAnnouncement

28/11/2024 07:00

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RNS Number : 9311N  Home REIT PLC  28 November 2024

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR
INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE
A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION

FOR IMMEDIATE RELEASE

 

28 November 2024

 

Home REIT plc

("Home REIT" or the "Company")

 

Repayment of Debt

 

 On 23 October 2024, the Company announced that, following the October
property auctions, sufficient proceeds to fully repay the outstanding Scottish
Widows loan would be realised upon completion of the outstanding sale
properties. The Company is pleased to report that, following the completion of
sales in November, it has now made full repayment of the loans to Scottish
Widows. The final repayment of £28.6m was made on 27th November 2024,
comprising a £24.9m cash repayment and a net break gain of £3.7m. A further
payment will be made to Scottish Widows in December in respect of the
additional fees, which amount to approximately £9 million, at which point the
lender will release its charge over the Company's assets.

 

Since August 2023, the Company has completed or exchanged on the sale of 1,623
properties, with the total gross proceeds from properties sold and exchanged
in aggregate in line with JLL's August 2023 and February 2024 draft
valuations.  The Company's remaining property portfolio of 850 assets is
currently being marketed for sale, quoting in excess of £175m.

 

Michael O'Donnell, Non-Executive Chairman of Home REIT, said:

 

"The full repayment of the debt facility with Scottish Widows is a significant
step forward for the Company as we deliver the managed wind down strategy. The
Company is now focused upon realising its remaining property assets and on the
subsequent return of capital to shareholders in due course."

 

FOR FURTHER INFORMATION, PLEASE CONTACT:

 

 FTI Consulting (Communications Adviser)  HomeREIT@fticonsulting.com

 Dido Laurimore                           +44 (0)20 3727 1000

 Bryn Woodward

 Oliver Harrison

 

The Company's LEI is: 213800A53AOVH3FCGG44.

 

For more information, please visit the Company's website: www.homereituk.com
(http://www.homereituk.com/)

 

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