31 May 2017 07:00
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 Graeme Hogg | Tel: +44 (0) 333 999 9926 |
N+1 Singer | |
James Maxwell / Liz Yong / James Hopton (Corporate Finance) Michael Taylor / Rachel Newton (Corporate Broking) | Tel: +44 (0)20 7496 3000 |
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 £250 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 £250 million. The UK Government's Homes and Communities Agency has supported the launch of the PRS REIT with a direct investment of c. £25m. 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.