PRS REIT PLC (The) Maiden Dividend, NAV and £200m Debt Facilities (4027D)
January 31 2018 - 1:00AM
UK Regulatory
TIDMPRSR TIDMSGM
RNS Number : 4027D
PRS REIT PLC (The)
31 January 2018
31 January 2018
PRSR.L
The PRS REIT plc
(the "Company" or the "PRS REIT")
Maiden Dividend, Net Asset Value and GBP200m Debt Facilities
Further to the PRS REIT's Quarterly Update, published on 10
January, the Company is pleased to announce its maiden dividend and
Net Asset Value ("NAV"), and to confirm that credit approved terms
have been agreed for GBP200 million of debt facilities.
In an additional announcement released today, the PRS REIT also
announces that it plans to raise further funds through the issuance
of ordinary shares under its Placing Programme, as set out in its
Prospectus.
Maiden Dividend
The Board is pleased to declare a maiden dividend of 1.5p per
ordinary share for the period to 31 December 2017. The dividend
will be paid as an ordinary UK dividend around mid-March 2018 to
shareholders on the register as at 16 February 2018. The
ex-dividend date is 15 February 2018.
As previously reported, the Company is targeting a total
dividend of 5.0 pence* per ordinary share for the period ending 30
June 2018, and 5.0 pence* per ordinary share for the year from 1
July 2018 to 30 June 2019. The stabilised dividend yield target is
6 per cent.* or more per annum and net total shareholder returns of
10 per cent.* or more per annum are being targeted post
stabilisation.
Net Asset Value
As at 31 December 2017, the Company's unaudited EPRA NAV and
IFRS NAV per ordinary share were 98.2 pence, which is in line with
management expectations. The Company's opening EPRA NAV and IFRS
NAV at IPO on 31 May 2017 were 98.0 pence per ordinary share.
Independent desk-top valuations were undertaken by Savills as at
31 December 2017.
Debt Facilities
The Company's Investment Adviser, Sigma PRS Management Limited,
confirms that it has concluded its discussions with lenders to
secure GBP200 million of debt financing and has agreed credit
approved terms for the facilities on behalf of the PRS REIT, with
final documentation underway. As previously reported, the debt
facility is expected to be used to deliver a further 1,380 PRS
homes on sites which have already been identified.
*This is a target only and not a profit forecast. There can be
no assurance that the target can or will be met and should not be
taken as an indication of the Company's expected or actual future
results. Accordingly, potential investors should not place any
reliance on this target in deciding whether or not to invest in the
Company or assume that the Company will make any distributions at
all and should decide for themselves whether or not the target
dividend yield is reasonable or achievable. Target dividend yield
target and net total shareholder returns are based on the IPO issue
price of 100 pence per ordinary share.
For further information, please contact:
The PRS REIT plc Tel: +44 (0)20 3178
Steve Smith, Non-executive 6378
Chairman
Sigma PRS Management Limited Tel: +44 (0)333 999
Graham Barnet 9926
Graeme Hogg
N+1 Singer Tel: +44 (0)20 7496
James Maxwell, Liz Yong, James 3000
Hopton (Corporate Finance)
Michael Taylor (Corporate Broking)
Stifel Tel: +44 (0)20 7710
Mark Young, Neil Winward, Tunga 7600
Chigovanyika
KTZ Communications Tel: +44 (0)20 3178
Katie Tzouliadis, Irene Bermont-Penn, 6378
Emma Pearson
NOTES TO EDITORS
About The PRS REIT plc
(www.theprsreit.com)
The PRS REIT is a closed-ended real estate investment trust
established to invest in the Private Rented Sector. In its Initial
Public Offering, on 31 May 2017, the Company raised GBP250 million
gross equity capital via a Placing, Offer for Subscription and
Intermediaries Offer. The UK Government's Homes England (formerly
Homes and Communities Agency) supported the launch of the PRS REIT
with a direct investment of c. GBP25 million. The proceeds of the
fundraising have now been fully committed to completed PRS sites
and PRS development sites, with the objective of providing
shareholders with an attractive level of income together with the
potential for capital and income growth. The PRS REIT is now
seeking to raise further funds via a proposed placing of new
Ordinary Shares.
About Sigma PRS Management Limited
Sigma PRS Management Limited is a wholly owned subsidiary of
AIM-quoted Sigma Capital Group plc and is the Company's Investment
Adviser. It sources investments and manages the assets of The PRS
REIT plc and advises the Alternative Investment Fund Manager
("AIFM") and the Company on a day-to-day basis in accordance with
the Company's Investment Policy. The Investment Adviser is an
appointed representative (reference number: 776293) of the
AIFM.
About Sigma Capital Group plc
(www.sigmacapital.co.uk)
Sigma Capital Group plc is a private rented sector, residential
development, and urban regeneration specialist, with offices in
Edinburgh, Manchester and London. Sigma's principal focus is on the
delivery of large scale housing schemes for the private rented
sector. It has a well-established track record in assisting with
property-related regeneration projects in the public sector, acting
as a bridge between the public and private sectors. Its subsidiary,
Sigma PRS Management Limited, is Investment Adviser to The PRS REIT
plc.
This information is provided by RNS
The company news service from the London Stock Exchange
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