Latest news with #LongHarbour
Time of India
2 days ago
- Business
- Time of India
UK's Long Harbour proposes $852 million bid for PRS REIT
BENGALURU: UK property investor Long Harbour has made a 631.6 million pound ($852 million) takeover proposal for Britain's PRS REIT at below the market price, sending PRS REIT shares down around 2% on Wednesday. PRS, a real-estate investment trust that has put itself up for sale, said London-based Long Harbour was proposing to offer 115 pence per share in cash, a 3.3% discount to PRS' closing price of 118.8 pence on Tuesday. The shares hit a record high of 125 pence earlier in the day after Sky News reported the possible offer and said Long Harbour had secured financing to launch a 700 million pound bid. A deal could add to a flurry of recent transactions within the UK-listed REIT industry, and underscore the growing appetite among players to bolster operations against an uncertain economic backdrop. "Intra-REIT M&A ... makes fewer, larger and more investable stocks, so less is more," Jefferies analysts said in a note on Tuesday. Last week, Unite Group proposed to buy Empiric Student Property for about $976 million, while Warehouse REIT agreed to be bought by investment firm Blackstone for $635 million. LondonMetric agreed to buy Urban Logistics for $925 million in May. PRS, which focuses on family homes in the private rented sector, said in February it had received several proposals from unidentified parties. The company said on Wednesday it expected to provide an update on its sale process by the end of June. The process followed the launch of a strategic review in October after PRS replaced two board members, including its then chair, in agreement with a group of shareholders who had demanded these changes.
Reuters
2 days ago
- Business
- Reuters
Long Harbour to launch takeover bid for UK's PRS REIT, Sky News reports
June 11 (Reuters) - UK-based real estate investment management firm Long Harbour has secured financing to launch a 700 million pound ($944.51 million) takeover bid for PRS REIT (PRSR.L), opens new tab, Sky News reported on Wednesday. Reuters could not immediately verify the report. ($1 = 0.7411 pounds)
Sky News
2 days ago
- Business
- Sky News
Real estate manager Long Harbour makes move on PRS REIT
Long Harbour, a real estate management firm, has made an approach to acquire PRS REIT, the suburban housing investment trust which put itself up for sale earlier this year. Sky News has learnt that Long Harbour has secured backing from a major financial investor to table an offer for PRS REIT. City sources said it had submitted a formal proposal to its target, although it was unclear on Wednesday at what price its offer had been pitched. PRS REIT is said to have drawn interest from a number of suitors since hoisting a 'for sale' sign in April. The company is investing more than £1bn in a private rental housing portfolio outside major cities. It raised more than £500m through a flotation in 2017, since when it has undertaken two further equity-raises. Homes England, the government agency, is among PRS REIT's backers. A further update on PRS REIT's sale process is scheduled to be released later this month. Shares in the investment trust were trading on Wednesday at around 117.4p, giving it a market capitalisation of about £640m.
