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UK: Manchester-based single-family rental (SFR) provider PRS REIT has signalled its formal sale in a £628.86 million cash deal.
The PRS REIT Holding Company Ltd, which holds the entirety of the company’s portfolio of property assets, is set to be sold to a vehicle wholly owned by a fund being advised by Waypoint Asset Management as investment adviser. The equity funding for the sale is to be deployed from UK Housing Platform LP, whose underlying investors are four UK local government pension schemes.
The sale will go to a shareholders’ General Meeting on November 27. If the sale becomes unconditional and proceeds to completion, the board intends to seek shareholder approval for the voluntary liquidation of the company with a view to distributing its net assets to shareholders as soon as reasonably practicable.
If shareholders approve the liquidation, expected next month, the company expects to have net assets of approximately £630.88 million, equivalent to approximately 114.9p per ordinary share. By early afternoon today its shares were trading at 114.28p per share.
PRS REIT has also declared an interim quarterly dividend today of 1.1p per ordinary share in respect of the first quarter of its current financial year, ending June 30, 2026. Shareholders will be entitled to this dividend, without any corresponding reduction to the consideration.
PRS REIT directors say they consider the sale and the passing of the resolution to be in the best interests of the company and its shareholders as a whole. They are unanimously recommending that shareholders vote in favour of the resolution.
Highlights:
• Manchester-based single-family rental (SFR) provider PRS REIT has signalled its formal sale in a £628.86 million cash deal
• The PRS REIT Holding Company Ltd, which holds the entirety of the company’s portfolio of property assets, is set to be sold to a vehicle wholly owned by a fund being advised by Waypoint Asset Management as investment adviser
• The equity funding for the sale is to be deployed from UK Housing Platform LP, whose underlying investors are four UK local government pension schemes
