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Published on: January 8, 2024 at 2:19 a.m. ET
Written by Joe Hoppe
Home REIT announced it has recovered 12% of the rent it charged in December, after investment manager AEW UK Investment Management made further progress in gaining control of the asset from a defaulting tenant.
The real estate investment trust announced Monday that it has agreed to further sales and that auction sales are continuing.
Written by Joe Hoppe
Home REIT announced it has recovered 12% of the rent it charged in December, after investment manager AEW UK Investment Management made further progress in securing control of the property from defaulting tenants.
The real estate investment trust said on Monday that auction sales were continuing and that it had agreed to sell a further 81 properties in December for 16.4 million pounds ($20.9 million), with completion expected in January. .
Total borrowings fell to £172.7m from £198.3m in the previous month. As of December 31, the company had a cash balance of £15.8m, of which £5.4m was unrestricted.
Home REIT announced in early September that AEW had implemented a number of measures to engage with all tenants and begin inspections and evaluations of the portfolio. The manager said it is focused on stabilizing Home REIT’s real estate portfolio and financial position, and plans to maximize income and capital returns.
Email Joe Hoppe at joseph.hoppe@wsj.com.
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