1,000th home built for The PRS REIT

RNS Number : 1727Z

PRS REIT PLC (The)

16 May 2019

 

16 May 2019

The PRS REIT plc

(the "Company" or "PRS REIT")

1,000^th home built for The PRS REIT

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 its 1,000^th new home, approximately 23 months after the Company was launched. 

This milestone underlines the PRS REIT's rapidly emerging position as the leading provider of new-build, family rental homes, a severely undersupplied sector of the UK housing market. Tenants are typically middle-income, families and young couples.

The 1,000^th home is located at the Company's Prescot Park development in Prescot, Merseyside. The development comprises 140 homes, offering a choice of 2, 3 and 4 bedroom properties. It fits the PRS REIT's model of developing new homes close to good primary schools and major transport links. Homes are let under the 'Simple Life' brand, which is seeking to set a new standard of customer care in the rental market, providing amongst other things a twenty-four hour customer service phone line and promoting community events. 

Earlier this year, the PRS REIT met its initial target of committing all of its expected funds of £900m (gross) to new developments.  This should fund the delivery of approximately 5,600 new rental homes and yield an estimated rental value of £57m per annum upon completion.

Sigma PRS Management Limited, part of Sigma Capital Group plc, is Investment Adviser to the PRS REIT, and responsible for sourcing and managing the PRS REIT's assets.

Steve Smith, Chairman of the PRS REIT, said:

"We are delighted to report that the 1,000^th home for the PRS REIT has now been completed, and to welcome our new tenants. The PRS REIT has been a trailblazer in the private rental sector, and a further 3,200 or so new homes are currently under construction through our partners. Family rental housing remains critically short of current and projected demand, and we are pleased to be playing a part in delivering a high quality solution."

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 Graeme Hogg	Tel: [phone]
N+1 Singer  James Maxwell, James Moat, Ben Farrow	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, 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 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 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 Investment Adviser to The PRS REIT plc. It sources investments and 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 Adviser is an appointed representative (reference number: 776293) of the AIFM.

 

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