The board of PRS REIT has launched a strategic review to consider the future of the company and is exploring all of the “various strategic options available to enhance value for shareholders”, including a potential sale of the business.
The board said the strategic review would be undertaken under the mechanism referred to in the Takeover Code as a ‘formal sale process’, which will “enable conversations with parties interested in making a proposal to take place on a confidential basis”.
The REIT said it was not currently in discussions with, or in receipt of an approach from, any potential offeror.
In September, PRS REIT announced that chairman Steve Smith would step down at its AGM this month as part of a series of changes to the board’s structure to appease a group of activist investors.
