PRS REIT has accepted a £646.2m bid from Waypoint Asset Management, for the acquisition of the REIT’s property portfolio.
In addition, shareholders under this offer would receive a dividend of up to 1.1 pence per share.
Waypoint is a London-headquartered real estate and asset management firm with a portfolio worth £3bn.
Under the terms of the proposed sale, PRS REIT has agreed not to solicit any further interest from other third parties.
The offer is subject to due diligence from Waypoint and approval by PRS REIT shareholders.
Net of transaction expenses and corporation tax, the proceeds from the sale are expected to be approximately £633.2m.
In an RNS, the PRS REIT board stated: “The board believes that the proposed sale provides the greatest certainty and cash return to shareholders of any of the proposals received.
“The company's strategic review and formal sale process remains ongoing, and the company will provide further updates in due course.”
