The PRS REIT plc: Equity Raise of £55.6 million
Singer Capital Markets is delighted to have acted as Financial Adviser and Joint Bookrunner to The PRS REIT plc on its Equity Raise, raising gross proceeds of c.£55.6 million pursuant to the Placing and the PrimaryBid Offer.
A total of 53,232,575 Placing Shares (c.£54.8 million) in the Company have been placed with new and existing investors at an Issue Price of 103 pence per Ordinary Share. In addition, a total of 741,589 PrimaryBid Shares (c.£0.8 million) in the Company have been placed by PrimaryBid at the Issue Price.
The net proceeds of the Equity Raise are intended to be used to acquire pipeline assets identified by the Investment Adviser, Sigma PRS Management Limited. The pipeline comprises six sites, with the potential for 670 new homes providing a total ERV of c.£6.5m per annum.
About The PRS REIT plc
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.
Singer Capital Markets has supported The PRS REIT raise over £500 million (gross) since its IPO in June 2017 and on its subsequent admission in early 2021 to the Premium Segment of the Main Market of the London Stock Exchange, having previously been listed on the Specialist Fund Segment of the Main Market.
Market Cap: £495.28 million*
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*As at 04/10/2021