PRSR.L
The PRS REIT
plc
("PRS REIT" or "the
Company")
Amendment
to
Investment Advisory
Agreement
The PRS REIT, the closed-ended real
estate investment trust that invests in high-quality, new build,
family homes in the private rented sector, is pleased to announce
that it has reached agreement with Sigma PRS Management Ltd, the
Company's Investment Adviser ("Investment Adviser"), to amend the
Investment Advisory Agreement in place between them (the
"Agreement") by adding a 'change of control' provision (the
"Amendment").
Under the terms of the Amendment, in
the event of a change of control of the Company, both the Company
and the Investment Adviser have the right to serve notice to
terminate the Agreement on 12 months' notice.
The Amendment has been agreed
following the Board's decision to commence a strategic review, as
previously announced on 23 October 2024, to consider the future of
the Company and explore strategic options to enhance value
for shareholders, including a potential sale of the
Company.
While the Amendment is not
considered to be a necessary change, it adds further flexibility as
to how any potential sale of the Company may be implemented. The
Investment Adviser is pleased to accommodate this change as it
continues to focus on delivering the remainder of the Company's
portfolio and maintaining the excellent portfolio performance
achieved to date, while the Board pursues value maximisation for
all shareholders.
For
further information, please contact:
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The
PRS REIT plc
Geeta Nanda, Senior Independent
Non-executive Director
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Tel: 020
3178 6378 (c/o KTZ Communications)
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Singer Capital Markets
James Moat, James Maxwell, Asha
Chotai
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Tel: 020
7496 3000
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G10
Capital Limited (AIFM and part of IE-EQ group)
Maria Baldwin
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Tel: 020
7397 5450
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KTZ
Communications
Katie Tzouliadis, Robert
Morton
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Tel: 020
3178 6378
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NOTES TO EDITORS
About The PRS REIT plc
The PRS REIT plc is a
closed-ended real estate investment trust established to invest in
the Private Rented Sector ("PRS") and to provide shareholders with
an attractive level of income together with the potential for
capital and income growth. The Company is investing
over £1bn in a portfolio of high-quality homes for
private rental across the regions, having raised a total
of £0.56bn (gross) through its Initial Public Offering,
on 31 May 2017 and subsequent fundraisings
in February 2018 and September 2021.
The UK Government's Homes England has supported the Company with direct
investments. The Company is listed on the Closed-ended
investment funds category of the FCA's Official List and its
Ordinary Shares are traded on the London Stock
Exchange's Main Market. It is a constituent of
the FTSE 250 Index. With 5,425 new rental homes as
at 30 September 2024, the Company believes its portfolio is
the largest build-to-rent single-family rental portfolio in
the UK.
LEI: 21380037Q91HU97WZX58
About Sigma Capital Group Limited
(formerly Sigma Capital Group plc)
Sigma Capital Group Limited ("Sigma") is a
build-to-rent ("BTR") regeneration specialist, with offices in
Edinburgh, Manchester and London. The Company's principal focus is
on the delivery of large-scale housing schemes for the private
rented sector and Sigma is the UK's leading provider of BTR homes
for the single family sector. The Company also has extensive
experience in the delivery of multi-family apartment schemes and a
well-established track record in assisting with property-related
regeneration projects in the public sector, acting as a bridge
between the public and private sectors.
Sigma has created an unrivalled
property delivery and management platform, which has delivered or
is in the process of delivering over 12,000 homes across the UK to
date. The Company has a significant pipeline of development
opportunities, which currently stands at over £3 billion in gross
development cost. Sigma manages the letting of completed homes
through its property platform, which includes its award-winning
rental brand 'Simple Life'. The Company's subsidiary, Sigma PRS
Management Ltd, is Investment Adviser to The PRS REIT
plc.
About Sigma PRS Management Ltd
Sigma PRS Management Ltd is a
wholly-owned subsidiary of Sigma Capital Group
Limited and is Investment Adviser to The PRS REIT plc. It
sources investments and operationally manages the assets of
The PRS REIT plc and advises the Alternative
Investment Fund Manager ("AIFM") and The PRS REIT
plc on a day-to-day basis in accordance with The PRS REIT
plc's Investment Policy. The AIFM is G10 Capital
Limited. Sigma PRS Management Ltd is an appointed
representative of G10 Capital Limited, which is authorised and
regulated by the Financial Conduct Authority
(FRN:648953).
Publication on website
For the purposes of Rule 26.1 of the
Takeover Code, a copy of this announcement will be made available
(subject to certain restrictions relating to persons resident in
restricted jurisdictions) on the Company's website
https://www.theprsreit.com/ promptly following its publication
and in any event no later than 12 noon (London time) on the
business day following the release of this announcement. The
content of the website referred to in this announcement is not
incorporated into and does not form part of this
announcement.
