UK: Real estate investment management firm Long Harbour has submitted a bid to acquire PRS REIT, one of the largest owners of SFR homes in the UK.
PRS REIT received a non-binding proposal from Long Harbour on an offer for the entire issued and to-be-issued business share capital.
Under the terms of the proposed deal PRS REIT shareholders would be entitled to receive 115p per share in cash.
A PRS REIT statement said: “Discussions with Long Harbour are ongoing. The board of PRS REIT expects to provide a further update on the formal sale process by the end of June 2025. There can be no certainty that an offer will be made, nor as to the terms of any offer if made. Further announcements will be made in due course.”
In October last year its board launched a strategic review to look at a potential sale of the business, after a shareholder rebellion in August 2024.
At the time the company’s portfolio had reached 5,425 completed homes with an estimated rental value of £67.5 million per annum, with occupancy and rent collection rates at 98 per cent and 100 per cent respectively.
PRS REIT’s homes are marketed under Sigma Capital’s Simple Life rental brand.
Highlights:
• Long Harbour has submitted a £630 million bid to acquire PRS REIT, one of the largest owners of SFR homes in the UK.
• PRS REIT received a non-binding proposal from Long Harbour for the entire issued and to be issued business share capital.
• PRS REIT shareholders would be entitled to receive 115p per share in cash.
