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PRS REIT plans to expand

PRS REIT plans to expand – PRS REIT has made a number of announcements recently.

Maiden Dividend

The board has declared a maiden dividend of 1.5p for the period to 31 December 2017. The company is targeting a total dividend of 5.0p for the period ending 30 June 2018, and 5.0p for the year from 1 July 2018 to 30 June 2019. The stabilised dividend yield target is 6 per cent. or more per annum and net total shareholder returns of 10 per cent. or more per annum are being targeted post stabilisation.

Net Asset Value

As at 31 December 2017, the unaudited EPRA NAV and IFRS NAV per ordinary share were 98.2 pence, which is in line with management expectations.  The Company’s opening EPRA NAV and IFRS NAV at IPO on 31 May 2017 were 98.0 pence per ordinary share.

Debt Facilities

The investment adviser, Sigma PRS Management Limited, has concluded its discussions with lenders to secure GBP200 million of debt financing and has agreed credit approved terms for the facilities on behalf of the PRS REIT, with final documentation underway. As previously reported, the debt facility is expected to be used to deliver a further 1,380 PRS homes on sites which have already been identified.

Proposed Placing of up to 250 million shares

A proposed placing of up to 250 million new ordinary shares, at a placing price of 102.5 pence per share to qualified investors. This follows the full commitment (ahead of schedule) of the net proceeds raised in the company’s GBP250 million IPO on 31 May 2017.

The Placing is in line with the company’s growth strategy, and is part of its Placing Programme detailed in its Prospectus, issued at IPO. The net proceeds of the Placing will be used to acquire PRS development sites and newly completed PRS sites.

PRSR : PRS REIT plans to expand

 

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