PRS REIT PLC (The) First Dealings (6224G)
31 May 2017 - 4:00PM
UK Regulatory
TIDMPRSR TIDMSGM
RNS Number : 6224G
PRS REIT PLC (The)
31 May 2017
THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR
DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO, THE UNITED
STATES, AUSTRALIA, SOUTH AFRICA, CANADA OR JAPAN OR ANY OTHER
JURISDICTION WHERE TO DO SO MIGHT CONSTITUTE A VIOLATION OF THE
RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.
31 May 2017
The PRS REIT plc
(the "Company" or the "PRS REIT")
First day of dealings
Further to the announcement on 25 May 2017, The PRS REIT plc is
pleased to announce that 250 million ordinary shares of one penny
each ("Ordinary Shares") will today be admitted to trading on the
Specialist Fund Segment of the Main Market of the London Stock
Exchange ("Admission"). The Shares will trade under the ticker
"PRSR" (ISIN: GB00BF01NH51).
The total number of Ordinary Shares in the Company in issue
immediately following Admission is 250,000,000, each with equal
voting rights. This total voting rights figure can be used by
shareholders as the denominator for the calculations by which they
will determine whether they are required to notify their interest
in the Company under the Disclosure Guidance and Transparency Rules
of the Financial Conduct Authority.
Sigma PRS Management Limited, a subsidiary of Sigma Capital
Group plc, an AIM quoted private rented sector, residential
development and urban regeneration specialist, has been appointed
as the Investment Adviser. G10 Capital Limited has been appointed
as Alternative Investment Fund Manager to the PRS REIT. Nplus1
Singer Advisory LLP acted as financial adviser and joint bookrunner
and Stifel Nicolaus Europe Limited acted as joint bookrunner.
Stephen Smith, Chairman of the Company, said:
"First dealings in the shares of The PRS REIT plc commence today
and I'm delighted that its launch has been so well-supported by
both institutional and qualifying private investors. We are
especially pleased that the Government's Homes and Communities
Agency is supporting the PRS REIT with a direct investment. There
is a structural undersupply of new homes in the UK and we believe
that institutional investment into the Private Rented Sector market
will help to provide much needed supply."
Graham Barnet, Founder and Chief Executive of Sigma Capital
Group plc, said:
"This is the first quoted REIT established to invest in
opportunities in the Private Rented Sector and we believe it
presents investors with an attractive investment opportunity. There
are unprecedented levels of demand for new rental homes and the
market for family houses is particularly under-supplied. The PRS
REIT will be focused on high quality family housing for those
earning within the UK's average household income band. We look
forward to helping to establish what we hope will be one of the
largest PRS portfolios in the UK."
For further information, please contact:
The PRS REIT plc Tel: +44 (0)20
3178 6378
Steve Smith, Non-executive Chairman
Sigma PRS Management Limited
Graham Barnet Tel: +44 (0) 333
Graeme Hogg 999 9926
N+1 Singer
James Maxwell / Liz Yong / James Tel: +44 (0)20
Hopton (Corporate Finance) 7496 3000
Michael Taylor / Rachel Newton
(Corporate Broking)
Stifel Tel: +44 (0)20
7710 7702
Mark Young
Neil Winward
Tunga Chigovanyika
G10 Capital Limited (AIFM) Tel: +44 (0)20
3696 1302
Gerhard Grueter
Chris Tomkins
KTZ Communications Tel: +44 (0)20
3178 6378
Katie Tzouliadis
Emma Pearson
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. The Company has
raised GBP250 million gross in an initial public offering via a
Placing Offer for Subscription and Intermediaries Offer. The Issue
was significantly oversubscribed with demand exceeding the target
fundraise amount of GBP250 million. The UK Government's Homes and
Communities Agency has supported the launch of the PRS REIT with a
direct investment of c. GBP25m. The proceeds of the fundraising
will be invested in Completed PRS Sites and PRS Developments sites
to achieve the Company's objective of providing Shareholders with
an attractive level of income together with the potential for
capital and income growth.
The Board of the PRS REIT comprises three Directors, Stephen
Smith, Steffan Francis and Roderick MacRae, all of whom are
non-executive and independent of the Investment Adviser and the
Alternative Investment Fund Manager. Chairman, Stephen Smith, has
over 40 years' experience in the real estate industry. He was the
Chief Investment Officer of British Land Company PLC, the FTSE 100
real estate investment trust from January 2010 to March 2013.
Before that he was Global Head of Asset Management and Transactions
at AXA Real Estate Investment Managers. Prior to joining AXA in
1999, he was Managing Director at Sun Life Properties for five
years. He is currently non-executive Chairman of Starwood European
Real Estate Finance Limited and non-executive director of Gatehouse
Bank Plc and of Tritax Big Box 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 the Company's Investment
Adviser. It will source investments and manage the assets of The
PRS REIT plc and advise the Company on a day-to-day basis in
accordance with the Company's Investment Policy.
About Sigma Capital Group plc ("Sigma")
www.sigmacapital.co.uk
Sigma 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, has been appointed as Investment
Adviser to The PRS REIT plc.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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