PRS REIT PLC (The) Site acquisitions & commitment of placing proceeds (6394V)
December 15 2021 - 12:59AM
UK Regulatory
TIDMPRSR
RNS Number : 6394V
PRS REIT PLC (The)
15 December 2021
PRSR.L
The PRS REIT plc
(the "Company" or the "PRS REIT")
Site Acquisitions and Commitment of Equity Placing Proceeds
The PRS REIT, the closed-ended real estate investment trust that
invests in high-quality, new build family homes in the private
rented sector, is pleased to confirm that, following its
fundraising announced on 29 September, which raised gross proceeds
of GBP55.6 million, the Company has acquired three of its five
targeted sites, fully committing these equity placing proceeds.
The three sites have been secured at a combined gross
development cost of approximately GBP60.3 million and are expected
to deliver 383 new homes with an estimated rental value of a GBP3.6
million per annum, once built and let. All three sites are already
under construction, and the first homes are due to be available for
rental from the end of February 2022, as previously reported.
The two remaining target sites will be funded from debt
facilities, which are to be arranged, and are scheduled for
acquisition during the first half of 2022 (calendar). As with the
Company's other sites, these opportunities will be developed under
fixed-price design and build contracts.
A trading update covering the quarter ending 31 December 2021 is
expected to be published in mid-January 2022.
For further information, please contact:
The PRS REIT plc Tel: +44 (0)20 3178
Steve Smith, Non-executive Chairman 6378
(c/o KTZ Communications)
Sigma PRS Management Ltd Tel: +44 (0)333 999
Graham Barnet, Mike McGill 9926
Singer Capital Markets Tel: +44 (0)20 7496
James Maxwell, Asha Chotai 3000
Panmure Gordon (UK) Limited Tel: +44 (0)20 7886
Chloe Ponsonby (Corporate Broking), Alex 2500
Collins (Corporate Finance)
G10 Capital Limited (part of the IQEQ Group Tel: +44 (0)20 7397
as AIFM) 5450
Paul Turner
KTZ Communications
Katie Tzouliadis, Dan Mahoney
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 ("PRS") and to
provide shareholders with an attractive level of income together
with the potential for capital and income growth. The Company is
investing over GBP1bn in a portfolio of high quality homes for
private rental across the regions, having raised a total of
GBP0.56bn (gross) through its Initial Public Offering, on 31 May
2017 and subsequent fundraisings in February 2018 and September
2021. The UK Government's Homes England has supported the Company
with direct investments. On 2 March 2021, the Company transferred
its entire issued share capital to the premium listing segment of
the Official List of the FCA and to the London Stock Exchange's
premium segment of the Main Market. On 16 July 2021, the Company
announced the completion of the 4,000 (th) new rental home for its
portfolio, which the Company believes is the largest build-to-rent
single family rental portfolio in the UK.
LEI: 21380037Q91HU97WZX58
About Sigma Capital Group Limited (formerly Sigma Capital Group
plc)
www.sigmacapital.co.uk
Sigma Capital Group Limited ("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 Ltd
Sigma PRS Management Ltd is a wholly-owned subsidiary of Sigma
Capital Group Limited 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 AIFM 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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