The PRS REIT moves forward with sales process

UK real estate investment trust The PRS REIT is moving forward with its formal sale process following a consultation with shareholders regarding its strategic review.

Rental homes

Based on shareholder feedback, the Manchester-based company will continue to engage with potentially interested parties, including Long Harbour, regarding their non-binding proposal to acquire the company.
The Long Harbour proposal is still contingent on due diligence and securing financing. There is no guarantee that an offer will be made or what the terms of any offer might be. The company will also explore other strategic options.
PRS REIT announced on June 11 that it had received a takeover approach from Long Harbour that it considered "superior" to other written proposals. The potential offer is for 115 pence per share in cash, valuing the trust at £631.6 mln (€729.6 mln) based on its 549.3 million outstanding shares.
Focused on the private rented sector, The PRS REIT’s goal is to provide shareholders with attractive income and potential for capital growth by investing in a portfolio of high-quality rental homes across the UK. The company has invested over £1 bn (€1.1 bn) in its portfolio, raising £0.56 bn (€0.65 bn) through its IPO and subsequent funding rounds. The UK Government's Homes England has also invested in the company.
As of June 30, The PRS REIT’s portfolio consisted of 5,478 new rental homes, mainly in the English regions, outside London (North West, West Midlands, South East, Yorkshire, and North East).