PRS REIT Confirms £631m Takeover Approach from Long Harbour
PRS REIT, the Manchester-based real estate investment trust, has confirmed it has received a possible takeover approach from Long Harbour Ltd, a leading real estate investment management firm. The non-binding proposal values the company at approximately £631 million, with an indicative offer of 115 pence per share in cash.
The approach follows PRS REIT’s formal sale process launched in October 2023, during which the company began exploring strategic options to enhance shareholder value. While discussions with Long Harbour are ongoing, PRS REIT has stated that there is no certainty an offer will be made or what the final terms might be.
PRS REIT is a prominent player in the UK’s build-to-rent (BTR) sector, with a portfolio of over £1 billion invested in professionally managed, single-family rental homes across England’s key regions. The company is recognised for its scale and focus on high-quality housing designed to meet sustained demand in the private rented sector.
The interest from Long Harbour reflects growing institutional appetite for UK residential rental assets, especially those offering stable, long-term income streams. An acquisition of PRS REIT would significantly expand Long Harbour’s footprint in the BTR market and position it as a major force in the UK housing sector.
While the proposal is at an early stage, the potential transaction underscores the strategic value of PRS REIT’s portfolio and the broader strength of the BTR sector. The board continues to assess all options in the best interests of shareholders.
Further announcements will be made in due course, subject to regulatory requirements and the progress of discussions.
