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UK: Real estate investment trust PRS REIT has agreed the terms of a £646.2 million sale to Waypoint Asset Management.
The company has entered into non-binding heads of terms, with equity funding provided by a co-mingled discretionary fund managed by Waypoint, backed by UK local government pension funds.
Under the agreement, PRS REIT shareholders will receive a dividend of up to 1.1p per share for Q1 FY26, payable in November 2025.
This comes after a group of shareholders owning nearly 20 per cent of PRS REIT, called for the removal of chair Stephen Smith and a strategic review of the business back in August 2024.
PRS REIT, which owns more than 5,000 BTR homes across the UK, had been eyed by the real estate investment management firm Long Harbour, which submitted a non-binding proposal in July 2025.
The board said that, after careful consideration of potential offers, it concluded that Waypoint’s proposal offered the greatest certainty and cash return to shareholders.
Following completion of the sale, PRS REIT intends to seek shareholder approval for a voluntary liquidation to distribute net assets to shareholders as quickly as reasonably possible.
Highlights:
- PRS REIT has agreed £646.2 million sale to Waypoint Asset Management.
- Shareholders will receive up to 1.1p per share dividend for Q1 FY26.
- The sale is expected to lead to voluntary liquidation and distribution of net assets.
- Waypoint’s offer has been deemed the most certain and cash-positive option for shareholders.
