The PRS REIT PLC (LSE:PRSR) has put itself up for sale after a spat with shareholders which saw its chairman agree to step down previously.
A strategic review was launched on Wednesday, alongside a formal sales process, the investment trust said in a statement.
Shareholders had issued the company with a requisition notice in late August, requesting chairman Steve Smith be replaced alongside another director.
Smith has since offered to step down, with Robert Naylor and Christopher Mills, who the shareholders requested be appointed, having joined the board earlier this month.
PRS REIT added the sale process had been launched after “feedback from a number of shareholders regarding the options available to the company to maximise value”.
“Following such feedback, the board wishes to explore these options in a coordinated fashion, alongside engaging with a range of potentially interested parties,” it said.
Shares climbed 4% on Wednesday.