4,000th new rental home completed

RNS Number : 4285F

PRS REIT PLC (The)

16 July 2021

 

16 July 2021

PRSR.L

The PRS REIT plc

("PRS REIT" or "the Company")

4,000^th new rental home completed

The PRS REIT, the closed-ended real estate investment trust established to invest in new-build homes for the Private Rented Sector ("PRS"), is delighted to announce the completion of the 4,000^th new rental home for its portfolio, which the Company believes is the largest build-to-rent single family rental portfolio in the UK.

The completion of the 4,000^th home marks the latest major milestone in the PRS REIT's development, and takes the total estimated rental value ("ERV") of its portfolio to approximately £37.7m. At 30 June 2021, 1,096 additional homes, at varying stages of development, were under way for the PRS REIT, as the Company progresses towards its initial target of approximately 5,200 high-quality homes, with an ERV of approximately £50.0m per annum.

The Company's 4,000^th home is a three-bedroom house at its Duttonfields development on Deeside, close to Chester. It is part of a development of 99 high-quality family homes, with an ERV of approximately £870,000 per annum. The house is let under the 'Simple Life' rental brand, and, in common with other PRS REIT sites, is located close to transport links, good primary schooling and local amenities.

Steve Smith, Chairman of The PRS REIT plc, said:

"I am delighted that The PRS REIT plc's portfolio now stands at 4,000 new homes - the largest build-to-rent single family rental portfolio in the UK. There is huge demand for our high-quality, professionally-managed family rental homes, and we are pleased to be creating new homes across the regions that help to fulfil a critically underserved segment of the UK population."

 For further information, please contact:

The PRS REIT plc Steve Smith, Non-executive Chairman	Tel: [phone] (c/o KTZ Communications)
Sigma PRS Management Limited Graham Barnet, Mike McGill	Tel: [phone]
Singer  Capital Markets James Maxwell, Hannah Woodley, Sebastian Burke	Tel: [phone]
G10 Capital Limited (part of the IQEQ Group as AIFM) Paul Turner	Tel: [phone]
KTZ Communications Katie Tzouliadis, Dan Mahoney	Tel: [phone]

NOTES TO EDITORS

About The PRS REIT plc
( www.theprsreit.com )

The PRS REIT is a closed-ended real estate investment trust established to invest in the Private Rented Sector ("PRS") and to provide shareholders with an attractive level of income together with the potential for capital and income growth.  It has raised a total of £500m (gross) through its Initial Public Offering, on 31 May 2017, and a subsequent placing in February 2018. Both fundraisings were supported by the UK Government's Homes England with direct investments. 

LEI:  21380037Q91HU97WZX58

About Sigma Capital Group plc
( www.sigmacapital.co.uk )

Sigma Capital Group plc ("Sigma") is a PRS, residential development, and urban regeneration specialist, with offices in Edinburgh, Manchester and London. Sigma's principal focus is on the delivery of large scale housing schemes for the private rented sector. It has a well-established track record in assisting with property-related regeneration projects in the public sector, acting as a bridge between the public and private sectors. Its subsidiary, Sigma PRS Management Limited, is Investment Adviser to The PRS REIT plc.

About Sigma PRS Management Limited

Sigma PRS Management Limited is a wholly-owned subsidiary of AIM-quoted Sigma Capital Group plc and is Investment Adviser to The PRS REIT plc. It sources investments and operationally manages the assets of The PRS REIT plc and advises the Alternative Investment Fund Manager ("AIFM") and The PRS REIT plc on a day-to-day basis in accordance with The PRS REIT plc's Investment Policy. The Investment Manager is G10 Capital Limited. Sigma PRS Management Ltd is an appointed representative of G10 Capital Limited, which is authorised and regulated by the Financial Conduct Authority (FRN:648953).

 

END

 

 

MSCUVRNRAKUBAAR