3rd Nov 2025 14:20
(Alliance News) - PRS REIT PLC on Monday said it entered into a conditional deal to sell its operating subsidiary PRS REIT Holding Co Ltd to UK Housing Platform Bidco Ltd.
The Manchester, England-based real estate investment trust said the proposed sale is for a consideration of GBP628.9 million.
PRS REIT expects to have net assets of around GBP630.9 million if shareholders approve the liquidation of the company, expected in December. This is equivalent to around 114.9 pence per share.
PRS REIT shares rose 2.9% to 114.60 pence each on Monday afternoon in London, giving it a market capitalisation of GBP628.3 million.
In conjunction with the sale, PRS REIT announced the conclusion of its strategic review and termination of its formal sale process. The directors consider the proposal as the best option for shareholders, as it is expected to deliver adjusted net assets per ordinary share.
It would mean a near term cash return representing a 6.55% premium to the volume weighted average price of 107.8p per share for the six months prior to October 22, the last business day before its strategic review and formal sale process were announced.
PRS REIT Holding holds the entirety of PRS REIT PLC's portfolio of property assets.
The buyer, UK Housing Platform, is a subsidiary of UK Housing Platform LP, a newly established fund advised by Waypoint Asset Management Ltd as investment adviser. UK Housing Platform LP's underlying investors comprise four leading UK local government pension schemes.
The firm will hold a general meeting on the proposed sale on November 27.
The company announced a first quarter dividend of 1.1 pence per share, up 10% from 1.0p a year ago.
By Tom Budszus, Alliance News slot editor
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