PRS REIT’s board has said that it has received a proposed offer for the company from Long Harbour valuing it at 115p, or £631.6m.
The company put itself up for sale earlier this year following a strategic review. This followed a requisition from a group of shareholders last year, which ended in the chairman Steve Smith and another director being ousted and replaced with Robert Naylor and Christopher Mills.
The shareholders were unhappy at the award of a multi-year investment management contract to current manager Sigma without proper shareholder consultation and the lack of action to narrow the company’s discount to NAV.
PRS REIT owns the largest build-to-rent single-family home portfolio in the UK, with 5,443 completed homes as at 31 March 2025.
In a statement, the company said: “The Board of PRS REIT notes the recent press speculation and confirms that it has received a non-binding proposal from Long Harbour Ltd regarding a possible offer for the entire issued and to be issued share capital of PRS REIT, pursuant to the Company’s Strategic Review and Formal Sale Process.
“Under the terms of the Possible Offer, shareholders in PRS REIT would be entitled to receive 115 pence per PRS REIT share in cash. 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.”
PRS REIT’s share price had been trading at around the 115p mark for the past few weeks. Long Habour is a UK real estate investment management firm with £3.3bn assets under management.
