PRS REIT has entered into non-binding terms for the sale of PRS Holdco to Waypoint for a cash consideration of £646.2m.

PRS Holdco is the company’s operating subsidiary that holds the entirety of the company’s portfolio of property assets.

Waypoint is a London-headquartered real estate investment and asset management firm, which has a portfolio exceeding £3bn in value.

Proceeds to the company of the proposed sale, net of transaction expenses and corporate tax, are expected to be approximately £633.2m.

The news comes after PRS’s recent shareholder consultation process and it engaged with a number of potentially interested parties regarding a possible offer for the company/

The company added that it believes the proposed sale provides the “greatest certainty and cash return to shareholders of any of the proposals received”.

If completed, shareholders would be entitled to receive a dividend of 1.1 pence per share, to be payable in November.

PRS REIT and Waypoint said that they will work together with a view to completing the proposed sale by 30 November 2025.

Following the announcement, shares in PRS REIT jumped by almost 6%.

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