Replacement: Appointment of Non-executive Director

RNS Number : 3409Z

PRS REIT PLC (The)

17 May 2019

 

17 May 2019

PRSR.L

The PRS REIT plc

(the "Company" or "PRS REIT")

Appointment of Non-executive Director

The PRS REIT, the closed-ended real estate investment trust established to invest in new-build homes for the Private Rented Sector, is pleased to announce the appointment of Jim Prower as a Non-executive Director with effect from 20 May 2019.

Jim, a chartered accountant, has over 30 years of experience in senior financial roles.  For the major part of his career he was Group Finance Director at Argent Group plc, the UK-based property developer, then Finance Partner of Argent (Property Development) Services LLP and Argent Investments LLP, which specialise in mixed-use developments with a focus on placemaking and regeneration. Jim was involved in major development and regeneration projects in Manchester, Birmingham and the City of London, and from 2008 to 2015 he worked on the King's Cross Central joint venture, which was one of Europe's largest regeneration projects. Prior to that, he was Group Finance Director at Creston Land & Estates plc, the property developer, and at NOBO Group plc, a leading European manufacturer of visual presentation products.

Jim is currently Senior Independent Director at Empiric Student Property plc and a Non-executive Director at AEW UK Long Lease REIT plc. In addition until March 2019, Jim was Senior Independent Director at Tritax Big Box plc.

 Steve Smith, Chairman of the PRS REIT, said:

"I am delighted to welcome Jim to the Board of the PRS REIT. Jim brings a wealth of experience in property development that will be of huge value to the Company as we move into the next stage of our development."

There are no further disclosures required in respect of this appointment pursuant to paragraph 9.6.13 of the Listing Rules of the Financial Conduct Authority.

For further information, please contact:

The PRS REIT plc Steve Smith, Non-executive Chairman	Tel: [phone] (c/o KTZ Communications)
Sigma PRS Management Limited Graham Barnet Graeme Hogg	Tel: [phone]
N+1 Singer  James Maxwell, James Moat, Ben Farrow	Tel: [phone]
Stifel Mark Young, Neil Winward, Gaudi Le Roux	Tel: [phone]
G10 Capital Limited (AIFM) Gerhard Grueter, Anthony Wood, Gaia Udage	Tel: [phone]
KTZ Communications Katie Tzouliadis, Dan Mahoney	Tel: [phone]

NOTES TO EDITORS

About The PRS REIT plc
(www.theprsreit.com))

The PRS REIT is a closed-ended real estate investment trust established to invest in the Private Rented Sector and to provide shareholders with an attractive level of income together with the potential for capital and income growth.  It has raised a total of £500m (gross) through its Initial Public Offering, on 31 May 2017, and a subsequent placing in February 2018. Both fundraisings were supported by the UK Government's Homes England with direct investments.  

LEI: 21380037Q91HU97WZX58

About Sigma Capital Group plc
(www.sigmacapital.co.uk)

Sigma Capital Group plc is a private rented sector, residential development, and urban regeneration specialist, with offices in Edinburgh, Manchester and London. Sigma's principal focus is on the delivery of large scale housing schemes for the private rented sector. It has a well-established track record in assisting with property-related regeneration projects in the public sector, acting as a bridge between the public and private sectors.  Its subsidiary, Sigma PRS Management Limited, is Investment Adviser to The PRS REIT plc.

About Sigma PRS Management Limited

Sigma PRS Management Limited is a wholly-owned subsidiary of AIM-quoted Sigma Capital Group plc and is Investment Adviser to The PRS REIT plc. It sources investments and manages the assets of The PRS REIT plc and advises the Alternative Investment Fund Manager ("AIFM") and The PRS REIT plc on a day-to-day basis in accordance with The PRS REIT plc's Investment Policy. The Investment Adviser is an appointed representative (reference number: 776293) of the AIFM.

 

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