Home REIT PLC, a property investor specialising in accommodation for homeless people, has announced the sale of 40 properties for £4.8 million. This move comes after the company, which has faced several challenges including rent withholding by tenants, allegations of misleading shareholders, and being targeted by a short-seller, appointed AEW UK Investment Management LLP as its property adviser in May.

As part of its review, Home REIT identified these 40 properties, which represent 1.6% of the company’s portfolio by number, as having limited prospects for income and capital return due to the required capital expenditure to bring them up to specification. The proceeds from the sale represent an average of 39% of their purchase price, reflecting the vacant status of the majority of the properties and their condition. The sale is expected to be completed in about a month’s time.