Additional Debt Facility

RNS Number : 3647A

PRS REIT PLC (The)

29 September 2020

 

PRSR.L

The PRS REIT plc

(the "Company" or "PRS REIT")

Additional Debt Facilities

The PRS REIT, the closed-ended real estate investment trust that invests in new-build homes for the Private Rented Sector ("PRS"), is pleased to announce that an additional £50m of development debt facilities have been approved with Barclays Bank Plc. This takes the Company's overall debt facilities to £450m. 

As the total debt of the Company is subject to an absolute maximum, calculated at the time of drawdown of the relevant borrowings, of not more than 45 per cent of the gross asset value, a cap of a maximum of £400m of debt will be drawn down at any one time. 

The additional development debt facilities will enable the Company to accelerate the delivery of the balance of its development sites as it moves towards completion of its initial portfolio. Following practical completion of these sites and stabilisation of lettings, the assets will be refinanced using the Company's longer-term investment debt facilities, which are already in place.

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

"We are delighted to welcome Barclays to our banking group in The PRS REIT plc. Barclays's involvement alongside our other funding partners is testament to the strength of our model, the demand for our product and the Company's performance and resilience during this difficult period."  

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]
N+1 Singer  James Maxwell, James Moat, Ben Farrow	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 plc 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. The Company is investing £0.9bn in a portfolio of high quality homes for private rental across the regions, having 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. The Company 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.

Sigma has created an unrivalled property platform, which sources sites and brings together construction resource to develop them, enabling Sigma to deliver an integrated solution to partners. As well as sourcing sites and managing all stages of the planning and development process, Sigma also manages the rental of completed homes through its award winning rental brand 'Simple Life'. The Company's 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).

 

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