Manchester-based PRS REIT plc, the closed-end real estate investment trust that invests in the private rented sector, has published an update on its Formal Sale Process, part of its Strategic Review announced on October 23, 2024.

“The board confirms that, having made available a data room to multiple interested parties, it has now received several non-binding proposals in connection with the acquisition of the company,” said PRS REIT.

“The majority of these proposals were pitched within a price range representing a premium to the current share price of 109.2 pence per share and a discount to the latest published net asset value as at 30 June 2024 of 133.2 pence per share.”

Shares of PRS REIT have risen more than 40% over the past 12 months, lifting the firm’s stock market value to around £630 million.

“The board intends to invite a subsection of such parties to enter into a confirmatory due diligence process which is expected to be completed no later than the end of calendar Q1 25,” added the company.

“There can be no certainty that an offer will be made, nor as to the terms on which any offer will be made. Further announcements regarding the Formal Sale Process will be made when appropriate.

“Reflecting on the remit of the Strategic Review, the board continues to explore all the options available to the company, with a view to maximising value for the company’s shareholders.”