PRS Reit in 'active discussions' with a number of potential buyers

Close-ended real estate investment trust PRS has announced that it is in "active discussions" with potential bidders after the recent revelation that it was considering a sale.

PRS said on 23 October that it had started a strategic review to explore various strategic options available to enhance value for shareholders, including a potential sale.

The company then entered into a formal sale process in accordance with Takeover Code rules, which enables conversations with parties interested in making a proposal to take place on a confidential basis.

"Pursuant to the formal sale process, the board is currently in active discussions with a number of interested parties in relation to a potential sale of the company and has made available a dataroom," PRS said on Tuesday.

The company also said it was continuing to explore all other options to maximise value for shareholders, and would provide a further update in the first quarter of 2025.

PRS shares were up 0.6% at 103.8p, having now risen 34% over the past six months.