The PRS REIT

What The PRS REIT does

The PRS REIT plc was a UK Real Estate Investment Trust listed on the Specialist Fund Segment of the London Stock Exchange (ticker: PRSR), focused on newly built private rented family housing. Established in 2017, the company assembled a portfolio of approximately 5,500 single-family homes spread across 71 sites throughout the United Kingdom, marketed to tenants under the Simple Life brand and covering property formats from one-bedroom flats to five-bedroom houses targeted at young professionals, couples, families and downsizers.

The operating platform combined a direct-to-tenant letting channel via simplelifehomes.co.uk, the My Simple Life mobile application and resident portal for maintenance reporting and community engagement, and third-party property management delivered through partners including Ascend Properties. The investment adviser was Sigma PRS Management Limited, with G10 Capital Limited acting as AIFM and Hanway Advisory Limited as Company Secretary. Properties were built to standardised specifications, typically offered on 12-month-plus tenancies, with pre-tenancy MOTs, fitted appliances, and recurring property health-checks supporting consistent tenant experience.

The revenue model was recurring rental income from the residential portfolio, supplemented by Property Income Distributions (PIDs) to shareholders under the UK REIT regime. Following a strategic review announced in October 2024, the company was taken private in late 2025 via a £1.1 billion transaction in which the UK Housing Platform Fund (managed by Waypoint Asset Management), backed by North LGPS and LPPI, acquired the portfolio-holding subsidiary for £629 million. Shareholders approved Members' Voluntary Liquidation on 5 January 2026, with FRP Advisory's Gareth Morris and Jonathan Dunn appointed Joint Liquidators to wind down the listed entity and distribute residual net assets to shareholders.

Name

The PRS REIT

Legal name

The PRS REIT plc

Website

https://theprsreit.com

Company type

Public

Founded year

2017

Operating status

Closed

Headcount range

1–10 employees

Short description

The PRS REIT plc was a UK-listed REIT that built and operated nearly 5,500 single-family rental homes across 71 sites under the Simple Life brand, serving tenants from young professionals to families. It was taken private in late 2025 and entered voluntary liquidation in January 2026.

Ownership category

akta.pro rank

Product category

Build-to-Rent Residential Real Estate

NAICS

Rental and Leasing Services (532)

SIC

Real Estate Investment Trusts (6798), Lessors Of Real Property, Nec (6519)

akta.pro primary industry

REITs & Listed Real Estate Securities (FSAAAKAD)

Keywords

• Private rented housing
• Build to rent
• Real estate investment trust
• Single family rentals
• Residential rental properties

Headquarters

HQ city

Manchester

HQ country

United Kingdom

HQ region

Europe

Offices10 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Marketing or Sales, Technology or R&D, Supply Chain

Revenue model

1. Private Rental Income: The company generated revenue through rental income from a large portfolio of private residential homes across the UK. Properties were designed to exacting standards and cater to various demographics including young professionals, couples, families, and downsizers. The portfolio included single-family homes built or acquired as newly-built and fully let from third parties.
2. Property Income Distributions (PIDs): As a UK REIT, the company paid Property Income Distributions to shareholders, with distributions subject to 20% withholding tax for relevant shareholders. The company declared regular dividends including PIDs and normal dividends.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels5 records

Core offering

The PRS REIT plc was a UK Real Estate Investment Trust that invested in and operated a portfolio of nearly 5,500 newly built single-family rental homes across 71 sites in the UK, marketed under the Simple Life brand. The company acquired or developed these homes, let them on long-term tenancies (12+ months) to individual residents, and distributed Property Income Distributions (PIDs) to shareholders as a publicly listed REIT. Professional property management, maintenance, and resident services were delivered through the Simple Life brand and property management partners.

Product overview

The PRS REIT plc is a Real Estate Investment Trust focused on the UK private rented sector. The company operates through its subsidiary The PRS REIT Holding Company Limited and markets all homes under the Simple Life private rental brand. The portfolio includes single-family homes across 71 sites in the U.K., managed with property management services, resident portals, and community engagement programs. The company has completed a £629m sale to North LGPS and LPPI and is currently in voluntary liquidation as of January 2026.

Differentiator

Problem solved

Functional benefit

Brands

• Simple Life: Private rental brand under which all homes for The PRS REIT plc are marketed. Simple Life properties are located close to amenities, transport links, and good primary schools, offering homes from one-bedroom flats to five-bedroom houses.
• Simple Life Homes

Products and services

• Simple Life Homes rental portfolio Consumer-facing private rental brand offering newly built single-family homes for rent across the UK, ranging from one-bedroom flats to five-bedroom houses. Includes professional property management, 24/7 customer service, handyman services, pet-friendly policies, fitted appliances, pre-tenancy home MOTs, move-in welcome boxes, 12+ month tenancies, and the My Simple Life mobile app for online maintenance reporting. Provided to individual residents, families, and downsizers seeking quality long-term rental accommodation in well-located sites near amenities, transport links, and good primary schools.
• PRS REIT plc listed securities Listed REIT securities on the Specialist Fund Segment of the Main Market of the London Stock Exchange (ticker: PRSR). Provides institutional and retail investors with exposure to UK private rented sector residential property, distributing Property Income Distributions (PIDs) subject to 20% withholding tax for relevant shareholders and offering a liquid listed vehicle for income and capital returns from the Simple Life residential portfolio.

Quantifiable outcome

• Nearly 5,500 single-family homes across 71 UK sites at time of acquisition
• +2 more outcomes

Named customers6 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Twelve partnerships are on record, tiered minor and core.

• The Joshua TreeminorStrategic or Co-development Partner · 1 December 2023The Joshua Tree is a charity that supports young people and families affected by parental addiction. Simple Life Homes partnered with The Joshua Tree following a resident nomination in 2023, supporting various fundraising events and activities.
• Sigma PRS Management LtdcoreStrategic or Co-development PartnerSigma PRS Management Ltd serves as Investment Adviser to The PRS REIT plc and to G10 Capital Limited. It is an appointed representative of G10 Capital Limited and manages the Simple Life brand properties.
• Dentons UK and Middle East LLPminorOthersDentons serves as legal and tax advisor to The PRS REIT plc.
• Savills (UK) LimitedminorOthersSavills serves as independent valuers for The PRS REIT plc's property portfolio.
• RSM UK Audit LLPminorOthersRSM UK Audit LLP serves as auditors for The PRS REIT plc.
• Computershare Investor Services PLCminorOthersComputershare manages the PRS REIT's shareholder register and provides associated services including dividend payments and shareholder communications.
• Crestbridge Property Partnerships LtdminorOthersCrestbridge Property Partnerships Ltd serves as depositary for The PRS REIT plc.
• KTZ CommunicationsminorOthersKTZ Communications provides financial public relations services to The PRS REIT plc.
• Hanway Advisory LimitedminorOthersHanway Advisory Limited serves as Company Secretary to The PRS REIT plc.
• Ascend PropertiesminorOthersAscend Properties provides tenant management services for Simple Life homes, including credit checks and background checks on prospective tenants. Ascend Properties acts as a data controller for tenant information.
• The Outward Bound TrustminorStrategic or Co-development PartnerThe Outward Bound Trust supports young people in building confidence, resilience and personal skills through outdoor experiences. Simple Life Homes has partnered with The Trust for 'Beeing Together' programs supporting young people including asylum seekers and refugees.
• GMYN (Greater Manchester Youth Network)minorStrategic or Co-development PartnerGMYN is a youth network that introduced young people from the 'Beeing Together' group to participate in Outward Bound courses sponsored by Simple Life Homes.

Scale indicators10 records

Recent moves8 records

Expansion highlights4 records

Direct peers

• Grainger plc: Grainger is the UK's largest listed residential landlord with a sizeable build-to-rent portfolio spanning PRS family homes and multi-family blocks. Most directly comparable to The PRS REIT on customer (UK residential tenants), business model (institutional PRS REIT), and scale.
• Home REIT: Home REIT was a London-listed REIT focused on newly built single-family housing for the UK private rented sector, with a portfolio across multiple regional sites. Direct overlap with The PRS REIT's family housing BTR model and similar geographic footprint.
• Get Living: Get Living is one of the UK's largest purpose-built build-to-rent operators, managing large-scale residential communities such as East Village at Stratford. Comparable operating model in UK BTR, though skews toward multi-family rather than single-family.
• Quintain: Quintain developed and operates the Build to Rent neighbourhood at Wembley Park, one of the UK's largest BTR schemes. Comparable UK BTR operating platform serving residential tenants with on-site management and resident services.
• Moda Living: Moda Living is a UK build-to-rent developer and operator focused on mid-rise and high-rise residential communities in city-centre locations. Direct peer in institutional UK BTR, with similar resident amenity, app-based engagement, and sustainability positioning.
• Essential Living: Essential Living operates purpose-built build-to-rent residential schemes in London and the South East targeting professional tenants. Comparable business model in UK BTR, with overlap on institutional capital partners and professional tenant demographic.
• Long Harbour: Long Harbour is a UK residential investment and asset management firm operating in the private rented sector, including build-to-rent single-family housing. Comparable on institutional PRS investment and UK rental asset management.

Broad incumbents

• Unite Group: Unite Group is the UK's largest provider of purpose-built student accommodation. While focused on students rather than families, Unite is a comparable listed UK residential REIT with institutional scale and a similarly capital-intensive operating model.
• Empiric Student Property: Empiric Student Property is a London-listed REIT focused on premium student accommodation in UK city centres. A broader incumbent in the listed UK residential REIT space, with comparable REIT structure and institutional investor base.

Others

• Sigma Capital Group: Sigma Capital Group was the lead investor and Investment Adviser to The PRS REIT plc via Sigma PRS Management Ltd. Adjacent ecosystem participant providing PRS origination, development, and asset management services to UK BTR platforms.

Market position

Strengths3 records

Weaknesses3 records

Competitive moat5 records

Key risks6 records

Key highlights5 records

Customer concentration

• Instagraminstagram.com/simplelifehomes

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds2 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about The PRS REIT