(Reuters) -British real estate investment trust PRS REIT on Monday said KKR joined its formal sale process that already involves a bid from property investor Long Harbour, but added that the U.S.
PRS REIT Welcomes KKR to Its Sale Process Amid Rising Interest
PRS REIT Sale Process Overview
(Reuters) - British real estate investment trust PRS REIT said on Monday that U.S. private equity firm KKR had joined its formal sale process, which already involves a bid from property investor Long Harbour.
KKR's Involvement and Market Context
Under the UK's formal sale process, KKR can approach PRS REIT as an interested party without making an immediate public offer. PRS REIT said it had not yet received a bid from KKR.
Current Bids and Valuations
KKR declined a Reuters request for comment.
Strategic Review and Future Plans
PRS REIT shares rose 8.8% to 106.6 pence on Monday, making it the top performer on the FTSE mid-cap index.
Weaker UK valuations have made British assets more attractive to U.S.-based firms, with UK-listed real estate investment trusts drawing interest from buyers looking to bulk up in an uncertain economic backdrop.
KKR has made several takeover offers to UK-listed firms in 2025, including a $6.4 billion offer for Spectris and a failed pursuit of Primary Health Properties.
PRS REIT said on Monday that Long Harbour had not withdrawn its 631.6 million pound ($854 million) takeover proposal received in June, under which PRS REIT shareholders would get 115 pence per share in cash.
PRS, which focuses on family homes in the private rented sector, launched a formal sale process following a strategic review that began last October after it replaced two board members, including its chair.
($1 = 0.7394 pounds)
(Reporting by Raechel Thankam Job and Unnamalai L in Bengaluru; Editing by Harikrishnan Nair and Joe Bavier)
