By Ian Walker
PRS REIT said it is in talks with a number of parties over a potential sale of the company.
The real-estate investment trust said Tuesday that as part of the strategic review launched on Oct. 23, it is also exploring other options available to maximize shareholder value.
PRS--which invests in new build, family homes in the private-rented sector--expects to provide a further update on the review and sale process in the first quarter of next year.
It hasn't disclosed who it is in talks with, or any financial details being discussed. The company has a market value of around 566.8 million pounds ($717.3 million) based on its closing share price of 103.20 pence Monday.
In October, PRS said that it was reviewing its options after feedback from a number of shareholders. As part of that, the company said it would consider a potential sale of the business.
As of Sept. 30, the company had 5,425 completed homes with an estimated rental value of 67.5 million pounds a year. Occupancy and rent collection rates at the same date stood at 98% and 100%, respectively, it said.
Write to Ian Walker at ian.walker@wsj.com
(END) Dow Jones Newswires
December 03, 2024 02:39 ET (07:39 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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