Dentons advises on the proposed sale of The PRS REIT Holding Company Limited

London-Dentons has advised its long-standing client, The PRS REIT plc, on its proposed sale of The PRS REIT Holding Company Limited, the Company's operating subsidiary, to UK Housing Platform Bidco Limited, a wholly owned subsidiary of UK Housing Platform LP, a newly established fund advised by Waypoint Asset Management Limited. The transaction, valued at approximately £628.86 million, marks a significant milestone in the Company's strategic review and formal sale process.

Under the terms of the agreement, PRS HoldCo, which holds the entirety of the PRS REIT's property portfolio, will, subject to shareholder approval, be sold for cash consideration, reflecting the terms previously announced on 17 September 2025 and adjusted for changes in the Company's net cash position. Following completion, the PRS REIT intends to seek shareholder approval to enter voluntary liquidation, with a view to distributing the Company's net assets, expected to be approximately £630.88 million, equivalent to 114.9 pence per ordinary share, to shareholders as soon as reasonably practicable. The Board of the PRS REIT has unanimously recommended that shareholders vote in favour of the proposed resolution at the forthcoming general meeting.

Geeta Nanda, Chair of The PRS REIT plc, commented: "This transaction marks an important milestone for the PRS REIT and the conclusion of our strategic review and formal sale process. We are grateful to Dentons for their commitment, professionalism and expertise throughout the process. Their advice has been invaluable in navigating a complex transaction and achieving an outcome that delivers real value for our shareholders."

Guy Norfolk, Corporate partner at Dentons and relationship partner for The PRS REIT, said: "Having supported the Company throughout its strategic review, we are proud to be helping the Company structure and implement this transaction, which we hope will secure a strong result for investors."

The Dentons team advising The PRS REIT plc was led by corporate partners Guy Norfolk and James Vernon, with support from counsel Sarah Wylie.

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