PRS REIT PLC (The) Re. Sigma Capital Group plc (5722B)
11 June 2021 - 4:05PM
UK Regulatory
TIDMPRSR
RNS Number : 5722B
PRS REIT PLC (The)
11 June 2021
11 June 2021
PRSR.L
The PRS REIT plc
("the Company" or "the PRS REIT")
Re: Sigma Capital Group plc
The PRS REIT, the closed-ended real estate investment trust that
invests in high-quality, new build, family homes in the private
rented sector ("PRS"), notes the announcement issued today by Six
Bidco Ltd ("Bidco") regarding its recommended cash offer for Sigma
Capital Group plc ("Sigma"), the parent company of the PRS REIT's
Investment Adviser, Sigma PRS Management Limited, (together the
"Acquisition").
Bidco was formed for the purposes of the Acquisition and is a
wholly-owned indirect subsidiary of investment funds managed by
PineBridge Benson Elliott LLP. The Acquisition is being unanimously
recommended by Sigma's Independent Directors and has support from
independent Sigma shareholders representing approximately 51.5% per
cent. of the issued shares (and 61.0 per cent. including Sigma
management shareholders and the Sigma Independent Directors).
PineBridge Benson Elliot is a pan-European real estate private
equity specialist, applying two decades of investment experience,
deep market knowledge and in-house operational expertise to
generate sustained investment outperformance. The UK-based,
FCA-regulated fund manager has c.$3.2 billion of managed equity and
holds a diversified real estate portfolio, currently comprised of
office, retail, hotel and residential assets in the UK, France,
Germany, Italy, Spain, Belgium and Central Europe.
The Board of the PRS REIT is reassured to note that, f ollowing
the completion of the Acquisition, Bidco envisages that Sigma would
continue to operate materially in the same way without significant
disruption to either the PineBridge Benson Elliot or Sigma
businesses and in particular that Bidco wishes to maintain and
strengthen Sigma's key and successful relationship with the PRS
REIT .
The Board of the PRS REIT is also reassured that there will be
no changes to the team providing services to the Company and that
service levels will be uninterrupted by the transaction.
For further information, please contact:
The PRS REIT plc Tel: 020 3178 6378
Steve Smith, Non-executive Chairman (c/o KTZ Communications)
Sigma PRS Management Limited Tel: 0333 999 9926
Graham Barnet, Mike McGill
N+1 Singer Tel: 020 7496 3000
James Maxwell, Sebastian Burke (Corporate
Finance)
Hannah Woodley (Corporate Broking)
Panmure Gordon (UK) Limited Tel: 020 7886 2500
Chloe Ponsonby (Corporate Broking), Alex Collins
(Corporate Finance)
G10 Capital Limited (part of the IQEQ Group Tel: 020 3745 2826
as AIFM)
Paul Turner
KTZ Communications
Katie Tzouliadis, Dan Mahoney
NOTES TO EDITORS
About The PRS REIT plc
( www.theprsreit.com )
The PRS REIT plc 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. The Company is investing
GBP0.9bn in a portfolio of high quality homes for private rental
across the regions, having raised a total of GBP500m (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. On 2 March 2021, the Company transferred its entire
issued share capital to the premium listing segment of the Official
List of the FCA and to the London Stock Exchange's premium segment
of the Main Market.
LEI: 21380037Q91HU97WZX58
About Sigma Capital Group plc
www.sigmacapital.co.uk
Sigma Capital Group plc ("Sigma") is a PRS, 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. The Company 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.
Sigma has created an unrivalled property platform, which sources
sites and brings together construction resource to develop them,
enabling Sigma to deliver an integrated solution to partners. As
well as sourcing sites and managing all stages of the planning and
development process, Sigma also manages the rental of completed
homes through its award winning rental brand 'Simple Life'. The
Company's 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 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
Investment Manager 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).
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