Re. Sigma Capital Group plc
11 June 2021
PRSR.L
The PRS REIT plc
("the Company" or "the PRS REIT")
Re: Sigma Capital Group plc
The PRS REIT, the closed-ended real estate investment trust that invests in high-quality, new build, family homes in the private rented sector ("PRS"), notes the announcement issued today by Six Bidco Ltd ("Bidco") regarding its recommended cash offer for Sigma Capital Group plc ("Sigma"), the parent company of the PRS REIT's Investment Adviser, Sigma PRS Management Limited, (together the "Acquisition").
Bidco was formed for the purposes of the Acquisition and is a wholly-owned indirect subsidiary of investment funds managed by PineBridge Benson Elliott LLP. The Acquisition is being unanimously recommended by Sigma's Independent Directors and has support from independent Sigma shareholders representing approximately 51.5% per cent. of the issued shares (and 61.0 per cent. including Sigma management shareholders and the Sigma Independent Directors).
PineBridge Benson Elliot is a pan-European real estate private equity specialist, applying two decades of investment experience, deep market knowledge and in-house operational expertise to generate sustained investment outperformance. The UK-based, FCA-regulated fund manager has c.$3.2 billion of managed equity and holds a diversified real estate portfolio, currently comprised of office, retail, hotel and residential assets in the UK, France, Germany, Italy, Spain, Belgium and Central Europe.
The Board of the PRS REIT is reassured to note that, f ollowing the completion of the Acquisition, Bidco envisages that Sigma would continue to operate materially in the same way without significant disruption to either the PineBridge Benson Elliot or Sigma businesses and in particular that Bidco wishes to maintain and strengthen Sigma's key and successful relationship with the PRS REIT .
The Board of the PRS REIT is also reassured that there will be no changes to the team providing services to the Company and that service levels will be uninterrupted by the transaction.
For further information, please contact:
|
The PRS REIT plc
|
Tel: 020 3178 6378 (c/o KTZ Communications) |
|
Sigma PRS Management Limited
|
Tel: 0333 999 9926 |
|
N+1 Singer
Hannah Woodley (Corporate Broking)
|
Tel: 020 7496 3000
|
|
Panmure Gordon (UK) Limited Chloe Ponsonby (Corporate Broking), Alex Collins (Corporate Finance)
|
Tel: 020 7886 2500 |
|
G10 Capital Limited (part of the IQEQ Group as AIFM) Paul Turner
|
Tel: 020 3745 2826 |
|
KTZ Communications Katie Tzouliadis, Dan Mahoney |
|
NOTES TO EDITORS
About The PRS REIT plc
(
www.theprsreit.com
)
The PRS REIT plc is a closed-ended real estate investment trust established to invest in the Private Rented Sector and to provide shareholders with an attractive level of income together with the potential for capital and income growth. The Company is investing £0.9bn in a portfolio of high quality homes for private rental across the regions, having raised a total of £500m (gross) through its Initial Public Offering, on 31 May 2017, and a subsequent placing in February 2018. Both fundraisings were supported by the UK Government's Homes England with direct investments. On 2 March 2021, the Company transferred its entire issued share capital to the premium listing segment of the Official List of the FCA and to the London Stock Exchange's premium segment of the Main Market.
LEI: 21380037Q91HU97WZX58
About Sigma Capital Group plc
www.sigmacapital.co.uk
Sigma Capital Group plc ("Sigma") is a PRS, 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. The Company 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.
Sigma has created an unrivalled property platform, which sources sites and brings together construction resource to develop them, enabling Sigma to deliver an integrated solution to partners. As well as sourcing sites and managing all stages of the planning and development process, Sigma also manages the rental of completed homes through its award winning rental brand 'Simple Life'. The Company's subsidiary, Sigma PRS Management Limited, is Investment Adviser to The PRS REIT plc.
About Sigma PRS Management Limited
Sigma PRS Management Limited is a wholly-owned subsidiary of AIM-quoted Sigma Capital Group plc and is Investment Adviser to The PRS REIT plc. It sources investments and operationally manages the assets of The PRS REIT plc and advises the Alternative Investment Fund Manager ("AIFM") and The PRS REIT plc on a day-to-day basis in accordance with The PRS REIT plc's Investment Policy. The Investment Manager is G10 Capital Limited. Sigma PRS Management Ltd is an appointed representative of G10 Capital Limited, which is authorised and regulated by the Financial Conduct Authority (FRN:648953).
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