How to redirect logged out users to specific page?

home_url() will accept a parameter that will be used in the creation of the URL.

The bare minimum solution would be:

add_action(
  'wp_logout',
  create_function(
    '',
    'wp_redirect(home_url("/path/to/page"));exit();'
  )
);

site_url() will also accept the same parameter and may be (probably is) a better choice.

I believe that using either of those will make the link dependent on permalink settings. I don’t think that those function will translate between different settings, though I have not tested that.

I would suggest using get_permalink() with an explicit page/post ID.

add_action(
  'wp_logout',
  create_function(
    '',
    'wp_redirect("'.get_permalink(1).'");exit();'
  )
);

Note that you don’t need home_url() or site_url() since get_pemalink() will generate the complete URL.

error code: 523