UK's PRS REIT says KKR joins sale process, Long Harbour bid still on table (updated)

Primary Health Properties

08/09/2025 10:50

Adds KKR comment in paragraph 3

Sept 8 (Reuters) - British real estate investment trust PRS REIT PRSR.L said on Monday that U.S. private equity firm KKR KKR.N had joined its formal sale process, which already involves a bid from property investor Long Harbour.

Under the UK's formal sale process, KKR can approach PRS REIT as an interested party without making an immediate public offer. PRS REIT said it had not yet received a bid from KKR.

KKR said on Monday it is not aware of any share dealings in PRS that would require it to make a formal offer for the company.

PRS REIT shares rose 8.8% to 106.6 pence on Monday, making it the top performer on the FTSE mid-cap index .FTMC.

Weaker UK valuations have made British assets more attractive to U.S.-based firms, with UK-listed real estate investment trusts drawing interest from buyers looking to bulk up in an uncertain economic backdrop.

KKR has made several takeover offers to UK-listed firms in 2025, including a $6.4 billion offer for Spectris SXS.L and a failed pursuit of Primary Health Properties PHP.L.

PRS REIT said on Monday that Long Harbour had not withdrawn its 631.6 million pound ($854 million) takeover proposal received in June, under which PRS REIT shareholders would get 115 pence per share in cash.

PRS, which focuses on family homes in the private rented sector, launched a formal sale process following a strategic review that began last October after it replaced two board members, including its chair.

($1 = 0.7394 pounds)

 (Reporting by Raechel Thankam Job, Unnamalai L and Yamini Kalia in Bengaluru; Editing by Harikrishnan Nair, Joe Bavier and Jan Harvey)

 ((RaechelThankam.Job@thomsonreuters.com;))