Portfolio reaches milestone of 2,000th new home

RNS Number : 0286Q

PRS REIT PLC (The)

16 June 2020

 

16 June 2020

PRSR.L

The PRS REIT plc

("PRS REIT" or "the Company")

Portfolio reaches milestone of 2,000^th new rental home

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 2,000^th home for its portfolio.

Originally on track to be completed at the end of March, until the coronavirus crisis caused construction activity to be suspended, the new home is a milestone that marks the PRS REIT's increasing presence in the UK as a leading provider of new high-quality, family rental homes. This market is one of the most undersupplied sectors of the UK housing market.

The Company's 2,000^th home is a three-bedroom house at its Abbotsfield development in St Helens, Merseyside, and is part of a development of 102 high-quality family homes. As with all of the PRS REIT's sites, the development is well-located, close to good primary schooling and local amenities as well as to transport links. It is let under the 'Simple Life' rental brand.

A further c.2,900 homes are currently at various stages of development for the PRS REIT across the English regions, including in the North West, Midlands, Yorkshire, North East and South.

Sigma PRS Management Limited, part of Sigma Capital Group plc ("Sigma"), is Investment Adviser to the PRS REIT, and responsible for sourcing and securing suitable development sites, overseeing the planning and construction processes, and managing assets. Homes are delivered through Sigma's property platform, which comprises relationships with housebuilding partners, local authorities and Homes England.  The platform allows for rapid progress, and completed properties are managed through Sigma's rental brand, "Simple Life".  The PRS REIT retains the right of first refusal over sites in the platform.

Steve Smith, Chairman of the PRS REIT, said:

"I am delighted that the PRS REIT has completed its 2,000^th new home. We have reached this milestone in just under three years and a further 2,900 family rental homes are at various stages of development across the regions of England. 

"There is a critical need for quality rental homes for families, and we look forward to continuing to play our part in meeting demand for this important but highly underserved sector of the housing market."

Graham Barnet, CEO of Sigma Capital Group plc, said:

"We are very pleased to have delivered the PRS REIT's 2,000^th home in just three years. The pace at which we have been able to deliver new homes reflects the effectiveness of our property platform, which brings together both land and construction resource. Our key partners include Countryside Properties, as well as local authorities and Homes England, and we currently have around 2,900 further homes under way for the PRS REIT."

 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) Gerhard Grueter	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).

 

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