PRS REIT confirms KKR involvement; Long Harbour offer still live

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PRS REIT PLC on Monday confirmed the offer from Long Harbour Ltd is still live as it said Kohlberg Kravis Roberts & Co LP is participating in its strategic review and formal sale process.

Shares in PRS REIT climbed 8.0% to 105.87 pence on Monday morning in London.

The Manchester, England-based real estate investment trust said KKR has not made an offer for the company, adding that there cannot be any certainty it will, nor of any terms.

PRS REIT also confirmed that London-based real estate investment management firm Long Harbour has not withdrawn its possible offer.

Back in June, the trust said it has been sent a non-binding proposal regarding a potential offer.

Under the terms, PRS REIT said its shareholders would be entitled to 115 pence per share in cash, with the offer valuing the trust at £631.6 million, based on its 549.3 million shares in issue.

PRS REIT noted that this potential offer remains subject to financing and due diligence.

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