PRS REIT explained

The PRS REIT, is a large British investment trust, operating in the Private Rented Sector (PRS), which is focused on creating a portfolio of family homes for rent. The company is managed by Sigma PRS, which holds an agreement to manage the portfolio to 2029.[1] It is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.[2]

History

The company was launched through an initial public offering with financial backing from the Homes and Communities Agency in 2017.[3] Stephen Smith was appointed chair at the time of the launch.[4]

In April 2023, the company confirmed that it had completed 5,000 houses, making it the holder of the UK's largest portfolio of build to rent single family houses.[5]

However, in August 2024, a group of shareholders holding 17.3% of the company, who were concerned about the large discount of share price to net asset value, sought an extraordinary meeting seeking to remove the chair and to instigate a strategic review.[6] [7] [8]

In September 2024, the company announced that Smith would step down and Geeta Nanda will become interim chair in December 2024. As a result of this, the dissenting shareholders withdrew their request for an extraordinary general meeting.[9] [10] [11]

External links

Notes and References

  1. News: PRS REIT extends and revises deal with Sigma PRS Management. 10 July 2024. Scottish Financial News. 25 September 2024.
  2. Web site: Virgin Money UK (UK): Constituent Deletion – Update Changes in FTSE UK Index Series. FTSE Russell. 25 September 2024.
  3. News: HCA-backed PRS REIT raises £250m. 25 May 2017. Property Week. 25 September 2024.
  4. Web site: The PRS Reit plc. Companies House. 25 September 2024.
  5. News: The PRS REIT completes 5,000th Build to Rent home. BTR News. 14 April 2023. 25 September 2024.
  6. News: Waverton and CCLA among investor group in PRS REIT seeking chair removal and strategic review. Investment Week. 25 September 2024.
  7. News: Investors lay siege to boardroom of London-listed private rental group. 28 August 2024. Sky News. 25 September 2024.
  8. News: PRS REIT faces investor rebellion to topple chair. 29 August 2024. CityAM. 25 September 2024.
  9. Web site: PRS Reit chair to step down in victory for shareholders. 13 September 2024. CityWire. 25 September 2024.
  10. Web site: PRS REIT chairman to step down after pressure from activist investors. 13 September 2024. Property Week. 25 September 2024.
  11. News: PRS REIT shareholders withdraw requisition notice following agreement on board changes. 13 September 2024. Investment Week. 25 September 2024.

This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article "PRS REIT".

Except where otherwise indicated, Everything.Explained.Today is © Copyright 2009-2025, A B Cryer, All Rights Reserved. Cookie policy.