Home REIT has revealed that it has received a number of non-binding offers for the full portfolio from “credible parties” that have been selected to proceed to the next stage of the process.

Having sold (or exchanged on the sale of) 1,622 properties since August 2023 for a total of £239.8m, the company is left with 862 properties that it put up for sale as a whole portfolio, at an asking price of £175m.

It has paid down its debts in full (plus a hefty charge, and punitive interest rates), and intends to use the proceeds of the sale of the portfolio to return capital back to long-suffering shareholders.

The company again stressed, however, that any return of capital to shareholders is likely to be constrained, in whole or in part, whilst the company faces potential shareholder group litigation. There has been no real progress made on the group action against the company, the FCA investigation and HOME’s litigation against the former manager.

It added that further updates would be provided in due course.

In the trading update, the company also announced that it now expects to publish accounts for the year ended 31 August 2024 in the second quarter of 2025 – having been delayed multiple times. 

Interim reports for the six month period to February 2023 and February 2024 are expected to be published in March and April respectively.