Amendment to Investment Advisory Agreement

PRS REIT PLC (The)

11 November 2024

 

PRSR.L

The PRS REIT plc

("PRS REIT" or "the Company")

Amendment to 

Investment Advisory Agreement

The PRS REIT, the closed-ended real estate investment trust that invests in high-quality, new build, family homes in the private rented sector, is pleased to announce that it has reached agreement with Sigma PRS Management Ltd, the Company's Investment Adviser ("Investment Adviser"), to amend the Investment Advisory Agreement in place between them (the "Agreement") by adding a 'change of control' provision (the "Amendment"). 

Under the terms of the Amendment, in the event of a change of control of the Company, both the Company and the Investment Adviser have the right to serve notice to terminate the Agreement on 12 months' notice.

The Amendment has been agreed following the Board's decision to commence a strategic review, as previously announced on 23 October 2024, to consider the future of the Company  and explore strategic options to enhance value for shareholders, including a potential sale of the Company.

While the Amendment is not considered to be a necessary change, it adds further flexibility as to how any potential sale of the Company may be implemented. The Investment Adviser is pleased to accommodate this change as it continues to focus on delivering the remainder of the Company's portfolio and maintaining the excellent portfolio performance achieved to date, while the Board pursues value maximisation for all shareholders.

For further information, please contact:

The PRS REIT plc Geeta Nanda, Senior Independent Non-executive Director		Tel: [phone] (c/o KTZ Communications)
Singer Capital Markets James Moat, James Maxwell, Asha Chotai		Tel: [phone]
G10 Capital Limited (AIFM and part of IE-EQ group) Maria Baldwin		Tel: [phone]
KTZ Communications Katie Tzouliadis, Robert Morton		Tel: [phone]

NOTES TO EDITORS

About The PRS REIT plc

 www.theprsreit.co.uk  

The PRS REIT plc is a closed-ended real estate investment trust established to invest in the Private Rented Sector ("PRS") and to provide shareholders with an attractive level of income together with the potential for capital and income growth. The Company is investing over £1bn in a portfolio of high-quality homes for private rental across the regions, having raised a total of £0.56bn (gross) through its Initial Public Offering, on 31 May 2017 and subsequent fundraisings in February 2018 and September 2021. The UK Government's Homes England has   supported the Company with direct investments. The Company is listed on the Closed-ended investment funds category of the FCA's Official List and its Ordinary Shares are traded on the London Stock Exchange's Main Market. It is a constituent of the FTSE 250 Index. With 5,425 new rental homes as at 30 September 2024, the Company believes its portfolio is the largest build-to-rent single-family rental portfolio in the UK.

LEI: 21380037Q91HU97WZX58

About Sigma Capital Group Limited (formerly Sigma Capital Group plc)

www.sigmacapital.co.uk

Sigma Capital Group Limited ("Sigma") is a build-to-rent ("BTR") regeneration specialist, with offices in Edinburgh, Manchester and London. The Company's principal focus is on the delivery of large-scale housing schemes for the private rented sector and Sigma is the UK's leading provider of BTR homes for the single family sector. The Company also has extensive experience in the delivery of multi-family apartment schemes and 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.

Sigma has created an unrivalled property delivery and management platform, which has delivered or is in the process of delivering over 12,000 homes across the UK to date. The Company has a significant pipeline of development opportunities, which currently stands at over £3 billion in gross development cost. Sigma manages the letting of completed homes through its property platform, which includes its award-winning rental brand 'Simple Life'. The Company's subsidiary, Sigma PRS Management Ltd, is Investment Adviser to The PRS REIT plc.

About Sigma PRS Management Ltd

Sigma PRS Management Ltd is a wholly-owned subsidiary of Sigma Capital Group Limited and is Investment Adviser to The PRS REIT plc. It sources investments and operationally 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 AIFM is G10 Capital Limited. Sigma PRS Management Ltd is an appointed representative of G10 Capital Limited, which is authorised and regulated by the Financial Conduct Authority (FRN:648953).

Publication on website

For the purposes of Rule 26.1 of the Takeover Code, a copy of this announcement will be made available (subject to certain restrictions relating to persons resident in restricted jurisdictions) on the Company's website https://www.theprsreit.com/ promptly following its publication and in any event no later than 12 noon (London time) on the business day following the release of this announcement. The content of the website referred to in this announcement is not incorporated into and does not form part of this announcement.

 

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