PRS REIT, the closed-ended real estate trust that invests in new-build family homes to rent, has appointed Singer Capital Markets to advise on the potential sale of the business.
The firm put itself up for sale last month following months of shareholder pressure.
The proposed sale is one of several strategic options the FTSE 250 residential investor is looking into. The company appointed Rothschild & Co to advise on strategy and value maximisation for shareholders earlier this year.
PRS REIT’s strategic review was launched in August, when a group of investors, including Harwood Capital, Waverton Investment Management, CCLA Investment Management, Alder Investment Management and CG Asset Management requisitioned an extraordinary general meeting to vote on the removal of its chairman Steve Smith.
The company’s portfolio includes 5,425 homes, with an estimated rental value of £67.5m per annum. Its occupancy and rent collection rates are at 98% and 100%, respectively. It has a market cap of around £600m.
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