REG - PRS REIT PLC (The) - Update re Strategic Review and Formal Sale Process

PRS ReitAnnouncement

30/06/2025 07:00

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RNS Number : 8570O  PRS REIT PLC (The)  30 June 2025

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FOR IMMEDIATE RELEASE

 

 

The PRS REIT plc

 ("PRS REIT" or the "Company")

 

 
Update Regarding Strategic Review and Formal Sale
Process

 

The Board of The PRS REIT plc provides the below update on the Company's
strategic review and formal sale process ("Strategic Review and Formal Sale
Process").

 

The Company commenced its formal sale process on 23 October 2024 and
thereafter opened a data room to interested parties with a view of sharing
certain information on its business ("Formal Sale Process"). The Company's
advisers engaged with a wide range of potential interested parties, of which
19 entered into NDAs with the Company and were provided access to the
Company's data room. Following this, the Company received several non-binding
proposals in connection with the acquisition of the Company.

 

The Company then invited a select number of parties to undertake detailed due
diligence and commenced discussions with these, with a view to securing terms
for an offer for the Company to present to shareholders.

 

On 11 June 2025, the Company confirmed that it had received a non-binding
proposal from Long Harbour for the acquisition of the Company, under which
shareholders in PRS REIT would be entitled to receive 115 pence per PRS REIT
share, in cash. The Company has not received any other written proposals for
the acquisition of the Company on superior terms to the Long Harbour proposal.
The Company remains in discussions with Long Harbour, whose proposal is
subject to completion of due diligence and financing. There can be no
certainty that an offer will be made, nor as to the terms of any offer if
made. All other non-binding proposals have now been withdrawn.

 

The Board continues to explore all the options available to the Company under
the Strategic Review, with a view to maximising value for the Company's
shareholders.

 

The Board intends to consult with its shareholders regarding the options
available to the Company under the Strategic Review. The Company expects to
provide a further update, following its consultation process, by the end of
July 2025.

 

This statement is being made by PRS REIT without the consent of Long Harbour.

 

For further information, please contact:

 

 The PRS REIT plc                                    Tel: 020 7496 3000 (c/o Singer Capital Markets)
 Geeta Nanda, Non-Executive Director Chairwoman

 Singer Capital Markets                              Tel: 020 7496 3000

James Moat, James Maxwell, Asha Chotai

 G10 Capital Limited (AIFM and part of IQ-EQ group)  Tel: 0207 397 5450

 Maria Baldwin

 KTZ Communications                                  Tel: 020 3178 6378

 Katie Tzouliadis, Robert Morton

 

NOTES TO EDITORS

 

About The PRS REIT plc www.theprsreit.co.uk (https://www.theprsreit.com/)
 

The PRS REIT plc is a closed-ended real estate investment trust established
to invest in the Private Rented Sector ("PRS") and to provide shareholders
with an attractive level of income together with the potential for capital and
income growth. The Company is investing over £1bn in a portfolio of
high-quality homes for private rental across the regions, having raised a
total of £0.56bn (gross) through its Initial Public Offering, on 31 May
2017 and subsequent fundraisings in February 2018 and September 2021.
The UK Government's Homes England has   supported the Company with direct
investments. The Company is listed on the Closed-ended investment funds
category of the FCA's Official List and its Ordinary Shares are traded on
the London Stock Exchange's Main Market. It is a constituent of
the FTSE 250 Index. With 5,443 new rental homes as at 31 March 2025, the
Company believes its portfolio is the largest build-to-rent single-family
rental portfolio in the UK.

LEI: 21380037Q91HU97WZX58

 

 

 

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