Information  X 
Enter a valid email address

Countryside Props (CSP)

  Print      Mail a friend

Tuesday 22 September, 2020

Countryside Props

London PRS framework agreement

RNS Number : 6349Z
Countryside Properties PLC
22 September 2020
 

22 September 2020

 

Countryside Properties plc

 

London PRS framework agreement with Sigma Capital and EQT Real Estate

 

 

Countryside Properties plc ("Countryside" or "Group"), a leading UK mixed-tenure developer, today announces that is has expanded its strategic relationship with Sigma Capital plc ("Sigma"), a specialist Private Rental Sector ("PRS") provider. A new London framework has been established which builds upon the Group's longstanding relationship with Sigma outside of London and the initial agreement for 157 homes across two sites in East London, as announced in October 2019, which marked Sigma's entry into the London market.

 

Under the agreement announced today, Countryside initially expects to deliver 361 high quality, new-build homes for private rental from its mixed-tenure Partnerships division across London. The delivery of these private rental homes will enable acceleration of important regeneration projects and earlier delivery of housing of other tenures. The new private rental homes will comprise the first phase of housing delivery for a newly formed joint venture ("JV") between Sigma and EQT Real Estate, the real estate platform of global investment firm, EQT. The JV, which is being supported by Homes England, has been established to invest in PRS properties in affordable parts of Greater London within the M25 with a target of creating a portfolio with a value in excess of £1bn.  Countryside continues to see attractive opportunities for growth in its Partnerships divisions, which provide a mix of private for sale, PRS and affordable homes allowing the Group to develop large sites more quickly in collaboration with our public sector partners.  As well as the initial sites, the agreement provides for either party to bring forward additional development opportunities.

 

This new agreement will help facilitate further growth of the Partnerships division in London as part of the strategy outlined during the Group's £250m equity placing in July 2020. As at 30 June 2020, Partnerships had 40,267 plots in its land bank or at preferred bidder stage equivalent to 9 years' worth of work at 2019 volumes offering great visibility over the medium-term.

 

Iain McPherson, Group Chief Executive, Countryside, said:

 

"We are delighted to have expanded our strategic relationship with Sigma and its new partner EQT Real Estate, to deliver much-needed PRS homes within London. Our Partnerships business has a proven track record and, together with our clear strategy for growth, we look forward to continuing to work with our partners as we focus on the delivery of high quality and sustainable mixed-tenure communities."

 

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

 

"Sigma and Countryside have a successful relationship which has delivered over 4,200 PRS homes in the regions, and we are delighted to be expanding this partnership into London for our JV with EQT Real Estate."

 

 

- ENDS -

 

Enquiries:

 

Countryside Properties - 01277 260 000

 

Iain McPherson - Group Chief Executive

Mike Scott - Group Chief Financial Officer

Victoria Prior - Managing Director, Corporate Affairs

 

Brunswick Group LLP - 020 7404 5959

 

Nina Coad

Oliver Sherwood

 

Note to editors:

 

About Countryside Properties plc

 

Countryside is a leading UK mixed-tenure developer through its two divisions, Partnerships and Housebuilding.

 

Countryside's Partnerships division was established over 40 years ago, specialising in estate regeneration, with operations in London, the South East, the North West, the Midlands and Yorkshire. It works mainly on public sector owned and brownfield land, in partnership with local authorities and housing associations to develop private, affordable and PRS homes. It recently established a modular panel manufacturing facility in Warrington to improve quality and reduce build times on site. Its developments include large scale urban regeneration projects at Beam Park, Rainham, Acton Gardens, Ealing and Rochester Riverside, Medway.

 

Countryside's Housebuilding division benefits from an industry leading strategic land bank which is focused around outer London and the Home Counties.  It builds family homes, with a focus on placemaking and selling to local owner occupiers. Its developments include a number of large-scale projects including Beaulieu, Essex, Springhead Park, Ebbsfleet and Tattenhoe Park, Milton Keynes.

 

Following six years of continuous growth in volumes, Countryside delivered 5,733 homes in the twelve months to September 2019 - 4,425 through its Partnerships division and 1,308 through its Housebuilding division, with a mix of private for sale, PRS and affordable homes. Revenues were £1,422.8m with 92.5% customer satisfaction equivalent to HBF 5-star rating.  It was listed on the London Stock Exchange in February 2016 as a constituent of the FTSE 250.

 

For more information see   www.countrysideproperties.com   or follow @CountrysideProp on Twitter.

 

About Sigma Capital Group plc

 

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, the real estate investment trust that is investing £0.9bn in a portfolio of high-quality new rental homes for private rental across the regions.

 

About EQT

EQT is a differentiated global investment organization with more than EUR 62 billion in raised capital and around EUR 40 billion in assets under management across 19 active funds. EQT funds have portfolio companies in Europe, Asia-Pacific and North America with total sales of more than EUR 27 billion and approximately 159,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.  For more information, see www.eqtgroup.com

 

About EQT Real Estate

EQT Real Estate seeks direct and indirect controlling interests in value-add real estate assets, portfolios, operating companies and platforms across gateway cities in the UK and Europe that offer significant potential for value creation through repositioning, redevelopment, refurbishment and active asset management. The EQT Real Estate Advisory Team comprises 26 experienced Investment Advisory Professionals working out of EQT's offices in London, Madrid, Milan, Paris and Stockholm. The Team, which has access to the full EQT network including 11 European offices and more than 500 EQT Advisors, has experience analyzing and investing across the pan-European real estate market and has, collectively, advised on over 130 real estate projects across Europe and multiple asset classes.

For more information, see  www.eqtgroup.com/business-segments/real-assets/real-estate /

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
AGRDZGZLKMLGGZM

a d v e r t i s e m e n t