Real estate manager Long Harbour makes move on PRS REIT

Long Harbour, a existent property absorption firm, has made an attack to get PRS REIT, the suburban lodging concern spot which enactment itself up for merchantability earlier this year.

Sky News has learnt that Long Harbour has secured backing from a large fiscal capitalist to array an connection for PRS REIT.

City sources said it had submitted a ceremonial connection to its target, though it was unclear connected Wednesday astatine what terms its connection had been pitched.

PRS REIT is said to person drawn involvement from a fig of suitors since hoisting a 'for sale' motion successful April.

The institution is investing much than £1bn successful a backstage rental lodging portfolio extracurricular large cities.

It raised much than £500m done a flotation successful 2017, since erstwhile it has undertaken 2 further equity-raises.

Homes England, the authorities agency, is among PRS REIT's backers.

A further update connected PRS REIT's merchantability process is scheduled to beryllium released aboriginal this month.

Shares successful the concern spot were trading connected Wednesday astatine astir 117.4p, giving it a marketplace capitalisation of astir £640m.

Spokespeople for Long Harbour and PRS REIT declined to comment.