Maclay Murray & Spens advises on launch of The PRS REIT plc

Firm enhances its strong reputation in listed funds space in ground-breaking PRS deal

Maclay Murray & Spens LLP (MMS) has acted as sole legal and tax advisers to The PRS REIT plc on its successful equity raise of £250 million and proposed admission to the specialist fund segment of the London Stock Exchange (LSE).

The PRS REIT is the first real estate investment trust to be admitted to trading on the LSE to focus purely on the private rented sector. The proceeds of the significantly oversubscribed fundraising will be used to invest in a portfolio of newly-constructed residential PRS sites of multiple units. The UK government’s Homes and Communities Agency has supported the transaction with a direct investment in the company of around £25 million. N+1 Singer is financial adviser and joint bookrunner and Stifel acted as joint bookrunner.

The investment adviser to the PRS REIT is Sigma PRS Management Limited, part of Sigma Capital Group plc, a provider of PRS properties in the UK.

Sigma chief executive officer and co-founder Graham Barnet said: “We have worked closely with the MMS team on this project since inception. Their input on all aspects of the transaction, knowledge of the sector and commitment to deliver has been first-rate and invaluable. We have been thoroughly impressed by their approach.”

The MMS team comprised Guy Norfolk, head of MMS’ listed funds practice , who led on the capital markets work, assisted by senior corporate lawyer Adam Lynch; Barry McKeown, MMS’ client care partner for Sigma, a real estate partner and PRS specialist; and Alastair MacLeod, director of tax with a strong funds and real estate focus.

Mr Norfolk said: “This was a great transaction to work on. Lots of hard work from all involved delivering an outstanding result. Now we are very excited to have the opportunity to help the PRS REIT deliver and grow.”

Mr McKeown added: “We have been delighted to be part of this landmark transaction in the PRS sector after several years working with Sigma developing their unique PRS platform, and look forward to working with the team and the PRS REIT for many years to come.”