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PRS REIT to place up to 250 million shares

PRS REIT plc is proposing a placement of up to 250 million new ordinary shares with a price of 102.5 pence apiece to qualified investors.

The placing price reflects a 1.0% discount on the 105 pence per-share closing price on Jan. 30 net of dividend, as well as a 4.4% premium to the 98.2 pence per-share net asset value as at Dec. 31, 2017.

Net proceeds from the placing, which is not underwritten, is expected to fund the acquisition of private rented development sites and newly completed private rented sites. The company previously said it had identified development opportunities, with a current gross development cost upward of £540 million.

A bookbuilding exercise for the placing is slated to close at 1 p.m. London time on March 1.

PRS plans to lodge an application with the London Stock Exchange for the admission of the new ordinary shares, on or around March 6, on the Specialist Fund Segment of the bourse's Main Market for listed securities.

In a separate release, the U.K.-based residential real estate investment trust, which debuted on the London bourse in May 2017, declared a maiden dividend to shareholders worth 1.50 pence per share for the financial period to Dec. 31, 2017.

Sigma PRS Management Ltd., the trust's investment adviser, has also concluded discussions with certain lenders for a £200 million debt financing deal. The funds will be contributed to the delivery of 1,380 homes on sites already identified by the company.

Nplus1 Singer Advisory LLP, Nplus1 Singer Capital Markets Ltd. and Stifel Nicolaus Europe Ltd. are serving as joint book runners for the placement.