Acquisition of Four PRS Sites

RNS Number : 4739R

PRS REIT PLC (The)

15 June 2018

 

15 June 2018

PRSR.L

The PRS REIT plc

(the "Company" or the "PRS REIT")

Acquisition of Four PRS Sites

The PRS REIT, the closed-ended real estate investment trust established to invest in new-build homes in the Private Rented Sector ("PRS"), is pleased to announce that it has acquired a further three development sites, with a combined gross development cost of c.£34.4m, and purchased an additional completed PRS site for c.£9.08m. All sites were independently valued by Savills.

The three development sites comprise a site in Greater Manchester and two sites in Merseyside, and will yield a total of 238 additional new family homes.  Once fully let, the properties are expected to generate an estimated rental value ("ERV") of £2.17m per annum.  Sigma PRS Management Limited, the PRS REIT's Investment Advisor, will manage the delivery of the homes, with Countryside Properties as the construction partner.

The completed PRS site is situated in Greater Manchester and was acquired from Sigma Capital Group plc. It comprises 59 new, fully let, family homes and generates an ERV of c. £0.54m per annum.

The acquisitions bring the total number of sites acquired by the PRS REIT, or currently under construction for, and on behalf of the PRS REIT, to 25, equating to approximately 1,670 new family homes. The gross development cost of these sites totals £239.3m and the new homes are expected to deliver an ERV of £15.1m per annum.

The Company expects to provide its quarterly update for the three months ended 30 June 2018 in early July.   

For further information, please contact:

The PRS REIT plc Steve Smith, Non-executive Chairman	Tel: [phone]
Sigma PRS Management Limited Graham Barnet                                                    Graeme Hogg	Tel: [phone]
N+1 Singer  James Maxwell, Liz Yong	Tel: [phone]
Stifel                                                                 Mark Young, Neil Winward, Gaudi Le Roux	Tel: [phone]
G10 Capital Limited (AIFM) Gerhard Grueter, Anthony Wood, Gaia Udage	Tel: [phone]
KTZ Communications Katie Tzouliadis, Emma Pearson	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 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.   

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

Sigma Capital Group plc is a private rented sector, 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 the Company's Investment Adviser. It sources investments and manages the assets of The PRS REIT plc and advises the Alternative Investment Fund Manager ("AIFM") and the PRS REIT on a day-to-day basis in accordance with the PRS REIT's Investment Policy. The Investment Adviser is an appointed representative (reference number: 776293) of the AIFM.

 

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