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Real estate manager Long Harbour makes move on PRS REIT
Long Harbour, a real estate management firm, has made an approach to acquire PRS REIT, the suburban housing investment trust which put itself up for sale earlier this year.
Sky News has learnt that Long Harbour has secured backing from a major financial investor to table an offer for PRS REIT. City sources said it had submitted a formal proposal to its target, although it was unclear on Wednesday at what price its offer had been pitched.
PRS REIT is said to have drawn interest from a number of suitors since hoisting a 'for sale' sign in April. The company is investing more than £1bn in a private rental housing portfolio outside major cities.
It raised more than £500m through a flotation in 2017, since when it has undertaken two further equity-raises. Homes England, the government agency, is among PRS REIT's backers.
A further update on PRS REIT's sale process is scheduled to be released later this month. Shares in the investment trust were trading on Wednesday at around 117.4p, giving it a market capitalisation of about £640m.
Spokespeople for Long Harbour and PRS REIT declined to comment..
Amir Nisi
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