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PRS REIT PLC on Monday said takeover talks continue with London-based real estate investment management firm Long Harbour Ltd in the absence of any ‘superior’ proposals. The Manchester, England-based real estate investment trust focused on the private rental sector said Long Harbour’s proposal is subject to completion of due diligence and financing. PRS REIT started a formal sale process last October and has received several non-binding proposals. On June 11, the company said it had received an approach from Long Harbour, which is ‘superior’ to any other written proposals it has received. Under the potential offer terms, PRS REIT said its shareholders would be entitled to 115 pence per share in cash, with the offer valuing the trust at £631.6 million, based on its 549.3 million shares in issue. On Monday, shares in PRS REIT were down 2.3% at 109.80p for a market value of just above £600 million. ‘There can be no certainty that an offer will be made,’ PRS REIT said, and it pledged to ‘explore all the options available’ under the strategic review, with a view to maximising value for the shareholders. PRS REIT said it intends to consult with its shareholders regarding the options available and expects to provide a further update, following its consultation process, by the end of July. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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