UK: The board of British investment trust PRS REIT (PRSR) is undertaking a strategic review which could lead to a potential sale of the business.
In August this year, PRSR shareholders issued a requisition notice for the company’s chairman Steve Smith, as well as non-executive director Steffan Francis, to be replaced. Christopher Mills and Robert Naylor were appointed to the board around six weeks later.
On Wednesday, PRS REIT said that a sale process had been launched following “feedback from a number of shareholders regarding the options available to the company to maximise value”.
The company added: “The board believes that the company has successfully established the largest build-to-rent single-family home portfolio in the UK, creating significant asset value returns for its shareholders.
“As recently announced, the company’s existing portfolio grew to 5,425 completed homes as at 30 September 2024, with an estimated rental value of £67.5 million per annum. PRS REIT continues to demonstrate best-in-class occupancy and rent collection rates, at 98 per cent and 100 per cent respectively.
“The company’s prospects remain positive against the backdrop of a structural shortage of quality family rental homes in the UK, a situation exacerbated by private landlords exiting the rental market,” it said.
The board added that so far, it has not received any offers, nor is currently in discussions with, any potential offeror.
