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Home REIT PLC on Monday said it has sold a further 14 properties for £9.0 million pounds in the month of October. The London-based real estate firm, which invests in housing for homeless people said the sale took place at a public auction last week. It is expected to be completed next month. Sale proceeds will be used to provide working capital and reduce borrowings, Home Reit said. ‘The 14 properties were identified as liquid assets primarily due to the condition, occupancy and location, and have been sold at a value representing an average of 51% of their purchase price,’ explained the company. Further properties will be sold in two more auctions this week. Home Reit also reported rent collection in October was 18%, compared to 3% the month prior, and cash balance at October 31 was £15.3 million. Home REIT shares were suspended in early January after it failed to published its annual report for the financial year that ended August 31, 2022. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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