(Reuters) -British real estate investment trust PRS REIT on Monday said KKR joined its formal sale process that already involves a bid from property investor Long Harbour, but added that the U.S. private equity firm had not made an offer.

Shares of PRS REIT rose 8.8% to 106.6 pence, making it the top performer on the FTSE mid-caps index, which is up 0.6%.

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PRS REIT said Long Harbour has not withdrawn its 631.6 million pounds ($852 million) takeover proposal received in June, under which shareholders of the company would get 115 pence per share in cash.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.

KKR did not immediately respond to a Reuters request for comment. It has made several takeover offers to UK-listed firms in 2025, including a $6.4 billion offer for Spectris and a failed pursuit of Primary Health Properties.