PRS REIT is looking to almost treble the size of its business with a share placing and new loans.
It has announced a proposed placing of up to £250m ordinary shares in the company at a placing price of 102.5 pence per share.
This follows the full commitment of the net proceeds raised in the company’s £250m IPO on 31 Mat 2017.
The proceeds of the placing will be used to acquire PRS development sites and newly completed PRS sites.
The REIT is working with investment adviser Sigma PRS Management Limited and has identified further attractive PRS development opportunities with a current gross development cost in excess of £540m.
The company has also announced that its maiden dividend, new asset value, and confirms that credit approved terms have been agreed for £200m of debt facilities.
Chairman Steve Smith, said: “The PRS REIT has made strong progress since its IPO eight months ago, when we raised £250 million to invest in new rental homes across the regions in England. Having fully committed these funds, we are delighted to be launching a second share placing, which is targeting up to circa £250 million. The proceeds from this placing will enable us to continue to deliver more high quality rental homes for middle-income families.
“There is an urgent need for new rental homes across the country and we see our professionally managed, well-designed, new properties playing an important part in satisfying that demand, while also creating new, vibrant communities.”
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