PRS REIT to sell portfolio to Waypoint for €745m

PRS REIT, a UK-based real estate investment trust specializing in family homes for the private rented sector, has entered into a nonbinding agreement to sell its entire property portfolio. 

The PRS REIT

The plan is to sell the operating subsidiary, PRS Holdco (which owns all its properties), to a fund advised by Waypoint Asset Management Limited. This sale, expected to be around £646.2 mln (€745.o mln) in cash. Shareholders could also receive a dividend of up to 1.1 pence per share for Q1 FY26, payable in November 2025, without affecting the sale price.
The sale depends on Waypoint's due diligence, a signed sale and purchase agreement, and approval by PRS REIT shareholders through a special resolution. The goal is to complete the sale by November 30. After the sale, the Board intends to liquidate the Company and distribute its net assets to shareholders.
Following a shareholder consultation and strategic review, the Board believes this proposed sale offers the best certainty and cash return compared to other proposals received, none of which were on superior terms or unconditional. The Strategic Review and Formal Sale Process are still ongoing, but the Company has agreed not to seek other buyers for PRS Holdco, though it can still engage with parties making offers for the Company itself. If a competing binding offer for the Company or its assets emerges during negotiations, PRS REIT will pay Waypoint a break fee of approximately £5.7 mln (€6.6 mln) to cover their costs.
Waypoint is a London-based real estate investment firm managing over £3 bn (€3.4 bn). They handle capital for various clients, including UK pension schemes and institutional investors. The funding for this transaction comes from a discretionary fund managed by Waypoint, whose investors include prominent UK local government pension funds.