The board of PRS REIT has agreed to a proposed £646.2m sale to Waypoint Asset Management.
The company has entered into non-binding heads of terms for the sale, with the equity funding deployed from a co-mingled discretionary fund managed by Waypoint, whose underlying investors comprise UK local government pension funds.
Under the terms of the deal, PRS REIT shareholders would be entitled to receive a dividend of up to 1.1p per share in respect of Q1 FY26, payable in November 2025.
The board of PRS REIT said it had engaged with a number of potentially interested parties regarding a possible offer for the company, or its assets, and it had not received any written proposals on superior terms to Waypoint’s, or an equivalent proposal that is not conditional on securing further funding.
The board said Waypoint’s offer “provides the greatest certainty and cash return to shareholders of any of the proposals received”
Subject to completion of the sale, the board of PRS REIT intends to seek further shareholder approval for the voluntary liquidation of the company with a view to distributing its net assets to shareholders as soon as reasonably practicable.
