The board of PRS REIT has today (3 December) revealed that it is in “active discussions” about the potential sale of the investment trust following a strategic review that was launched in October.
It said there were “a number of interested parties” it was currently in contact with, and will update shareholders on the trust’s potential sale in the first quarter of 2025.
The strategic review that led to this was triggered by a group of shareholders (representing 17.3% of issued shares) applying pressure on the board to make changes in August.
See also: CG Asset Management criticises PRS REIT board over investment adviser terms
At the time, the £567m UK property fund was down 4.7% since its launch in 2017 and was trading 35.9% below its net asset value.
Non-exec chair Steve Smith consequently resigned after the shareholder intervention and was replaced by senior independent director Geeta Nanda.
The consideration of a potential sale is the board’s answer to concerns that it should be “maximising value for the company’s shareholders”.
