British real estate investment trust PRS REIT (PRSR.L), opening a new tab said on Monday that U.S. private equity firm KKR (KKR.N), opening a new tab had joined its formal sale process, which already involves a bid from property investor Long Harbour.
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.
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.
PRS REIT said on Monday that Long Harbour had not withdrawn its 631.6 million pound ($854 million) takeover proposal received in June, under which PRS REIT shareholders would get 115 pence per share in cash.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.
