Sigma Capital Group PLC Sale of completed PRS site to The PRS REIT plc (4708R)
June 15 2018 - 1:00AM
UK Regulatory
TIDMSGM
RNS Number : 4708R
Sigma Capital Group PLC
15 June 2018
15 June 2018
AIM: SGM
SIGMA CAPITAL GROUP PLC
("Sigma" or the "Group" or the "Company")
The private rented sector ("PRS") and urban regeneration
specialist
Sale of completed PRS site to The PRS REIT plc
Sigma, the PRS, residential development and urban regeneration
specialist, is pleased to announce the sale of a completed PRS site
to The PRS REIT plc ("the PRS REIT") for c.GBP9.08m. The site was
independently valued on behalf of the PRS REIT by Savills.
Situated in Greater Manchester, the site comprises 59 newly
built family rental homes, with a mix of 2, 3 and 4 bedroom homes.
The homes are fully let, with demand strong, and the rental value
of this portfolio is c. GBP0.54m per annum.
Sigma has a further six PRS sites currently under construction
under a forward purchase agreement with the PRS REIT upon
completion. Three of these sites are expected to be completed by
the end of 2018 and will comprise the balance of PRS REIT's First
Acquisition Portfolio, with the remaining three sites due for
completion in 2019.
Up to a maximum of a third of the PRS REIT's new properties are
expected to be sourced through the purchase of fully completed PRS
sites and the PRS REIT retains exclusive access to Sigma's PRS
Platform.
Graham Barnet, Chief Executive, of Sigma, commented:
"We are pleased to report the sale, to the PRS REIT, of our PRS
site in Greater Manchester, which is completed and fully let. This
is in line with the PRS REIT's strategy to acquire a certain
proportion of completed PRS sites, alongside acquiring and
developing sites. Our high quality new rental homes have been built
principally for families and demand for the new homes, which are
let under the Simple Life brand, has been strong.
"We have a further six PRS sites under construction for onward
purchase by the PRS REIT, which are due to complete during the
course of this year and next, and we expect to commence further
sites prior to the end of 2018 ."
Enquiries:
Sigma Capital Group Graham Barnet, Chief Executive T: 020 3178
plc 6378 (today)
Malcolm Briselden, Finance Director T: 0333 999
9926
KTZ Communications Katie Tzouliadis, Emma Pearson T: 020 3178
6378
N+1 Singer James Maxwell, Liz Yong T: 020 7496
(NOMAD and Broker) 3000
NOTES TO EDITORS
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 the Company's Investment
Adviser. It sources investments and manages the assets of The PRS
REIT plc and advises the Alternative Investment Fund Manager
("AIFM") and the PRS REIT on a day-to-day basis in accordance with
the PRS REIT's Investment Policy. The Investment Adviser is an
appointed representative (reference number: 776293) of the
AIFM.
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. In its Initial Public
Offering, on 31 May 2017, the Company raised GBP250m (gross) of
equity capital, and, on 20 February 2018, raised a further GBP250m
through an additional Placing. Both fundraisings were supported by
the UK Government's Homes England (formerly Homes and Communities
Agency), with direct investments totaling c. GBP30 million.
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END
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