PRS REIT PLC (The) Acquisition of Completed and Let Site (0167B)
October 05 2020 - 1:00AM
UK Regulatory
TIDMPRSR
RNS Number : 0167B
PRS REIT PLC (The)
05 October 2020
5 October 2020
PRSR.L
The PRS REIT plc
(the "Company" or "PRS REIT")
Acquisition of Newly-completed, Fully-let Development
The PRS REIT, the closed-ended real estate investment trust that
invests in new-build homes for the Private Rented Sector, is
pleased to announce the acquisition of a newly-completed, fully-let
development of 31 homes in Birmingham, with a rental income of
approximately GBP0.32m per annum, from Sigma Capital Group plc for
approximately GBP5.9m.
The transaction brings the number of completed homes in the
Company's portfolio to 2,559, providing an estimated rental value
("ERV") of approximately GBP23.5m per annum. A further 2,444 homes*
are currently under way at varying stages of development, including
two recently acquired development sites (118 homes when completed)
at Hexthorpe, Doncaster. When fully completed and let, this
delivery will take the Company's portfolio to 5,003 homes, with an
ERV of approximately GBP47.6m per annum.
The Birmingham development was acquired at the independent
valuation determined by Savills. Located in Handsworth, the site
comprises a mix of three and four bedroom family homes, and has
been built to the same specification as other sites in the PRS
REIT's portfolio.
The Company has five development sites under forward contracts
for acquisition, once completed and fully let, from Sigma Capital
Group plc. They comprise c. 125 new rental homes in total and have
an ERV of c. GBP1.6m per annum.
Further information on the Company's housing delivery progress
and asset performance will be available in the Company's full year
results report, to be published on 6 October.
*including Sigma Capital Group plc funded sites referred to
above
For further information, please contact:
The PRS REIT plc Tel: 020 3178 6378 (c/o
Steve Smith, Non-executive Chairman KTZ Communications)
Sigma PRS Management Limited Tel: 0333 999 9926
Graham Barnet, Mike McGill
N+1 Singer Tel: 020 7496 3000
James Maxwell, James Moat, Ben Farrow
G10 Capital Limited (part of the IQEQ Group Tel: 020 3745 2826
as AIFM)
Paul Turner
KTZ Communications Tel: 020 3178 6378
Katie Tzouliadis, Dan Mahoney
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
GBP0.9bn in a portfolio of high quality homes for private rental
across the regions, having raised a total of GBP500m (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 PRS 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).
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 rns@lseg.com 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
ACQBRBDGXGGDGGD
(END) Dow Jones Newswires
October 05, 2020 02:00 ET (06:00 GMT)
Prs Reit (LSE:PRSR)
Historical Stock Chart
From Jun 2024 to Jul 2024
Prs Reit (LSE:PRSR)
Historical Stock Chart
From Jul 2023 to Jul 2024