PRS REIT lowers fee structure and extends management contract

Annual cost savings of around £0.46m

PRS REIT (PRSR) has lowered its fee structure and extended the term of its investment management agreement with Sigma PRS Management.

Effective from 1 July, these agreements have revised fee structures and have been extended to 30 June 2029, an extension of two-and-a-half years from the end of the previous term, the trust stated in a stock exchange notice today (9 July).  PRSR will pay its manager a reduced tiered fee based on NAV of: 0.9% on NAV up to £250m, 0.85% on NAV between £250m and £500m, 0.7% on NAV between £500m and £1bn, 0.4% on NAV between £1bn and £2bn and 0.3% on NAV above £2bn.  In addition, the development management fee has been reduced to 3% on land and 3.5% on construction elements of the developm...