PRS REIT
The PRS REIT (LSE: GSF), is a large British investment trust, operating in the Private Rented Sector (PRS), which is focused on creating a portfolio of family homes for rent. The company is managed by Sigma PRS, which holds an agreement to manage the portfolio to 2029.[1] It is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.[2]
History
[edit]The company was launched through an initial public offering with financial backing from the Homes and Communities Agency in 2017.[3] Stephen Smith was appointed chair at the time of the launch.[4]
In April 2023, the company confirmed that it had completed 5,000 houses, making it the holder of the UK's largest portfolio of build to rent single family houses.[5]
However, in August 2024, a group of shareholders holding 17.3% of the company, who were concerned about the large discount of share price to net asset value, sought an extraordinary meeting seeking to remove the chair and to instigate a strategic review.[6][7][8]
In September 2024, the company announced that Smith would step down and Geeta Nanda will become interim chair in December 2024. As a result of this, the dissenting shareholders withdrew their request for an extraordinary general meeting.[9][10][11]
References
[edit]- ^ "PRS REIT extends and revises deal with Sigma PRS Management". Scottish Financial News. 10 July 2024. Retrieved 25 September 2024.
- ^ "Virgin Money UK (UK): Constituent Deletion – Update Changes in FTSE UK Index Series". FTSE Russell. Retrieved 25 September 2024.
- ^ "HCA-backed PRS REIT raises £250m". Property Week. 25 May 2017. Retrieved 25 September 2024.
- ^ "The PRS Reit plc". Companies House. Retrieved 25 September 2024.
- ^ "The PRS REIT completes 5,000th Build to Rent home". BTR News. 14 April 2023. Retrieved 25 September 2024.
- ^ "Waverton and CCLA among investor group in PRS REIT seeking chair removal and strategic review". Investment Week. Retrieved 25 September 2024.
- ^ "Investors lay siege to boardroom of London-listed private rental group". Sky News. 28 August 2024. Retrieved 25 September 2024.
- ^ "PRS REIT faces investor rebellion to topple chair". CityAM. 29 August 2024. Retrieved 25 September 2024.
- ^ "PRS Reit chair to step down in victory for shareholders". CityWire. 13 September 2024. Retrieved 25 September 2024.
- ^ "PRS REIT chairman to step down after pressure from activist investors". Property Week. 13 September 2024. Retrieved 25 September 2024.
- ^ "PRS REIT shareholders withdraw requisition notice following agreement on board changes". Investment Week. 13 September 2024. Retrieved 25 September 2024.