PRS REIT to sell subsidiary to UK Housing Platform

Manchester-based real estate investment trust PRS REIT announced a conditional agreement to sell its operating subsidiary, PRS REIT Holding Co, to UK Housing Platform Bidco for £628.9 mln (€736.3 mln).

THE PRS REIT residential project

The proposed sale marks the conclusion of PRS REIT's strategic review and formal sale process.
The buyer, UK Housing Platform Bidco, is a subsidiary of UK Housing Platform, a newly established fund advised by Waypoint Asset Management. The underlying investors of UK Housing Platform include four prominent UK local government pension schemes.
The board of PRS REIT intends to unanimously recommend that shareholders approve the sale at a general meeting scheduled for November 27.
If the sale is approved and completed, the company intends to seek shareholder approval for a voluntary liquidation, aiming to distribute its net assets to shareholders as soon as practicable. The company anticipates having net assets of approximately £630.9 mln (€738.7 mln), if shareholders approve the liquidation, expected in December.
The PRS REIT specializes in newly constructed, high-quality family homes for the private rental sector, managing a portfolio across major English cities.