TIDMSGM TIDMPRSR
RNS Number : 5115K
Sigma Capital Group PLC
10 July 2017
10 July 2017
AIM: SGM
SIGMA CAPITAL GROUP PLC
("Sigma" or the "Company" or together with its subsidiaries, the
"Group")
The private rented sector ("PRS") and urban regeneration
specialist
Re: The PRS REIT
Maiden Update
Sigma, the PRS and urban regeneration specialist, is pleased to
highlight below The PRS REIT plc's ("PRS REIT") maiden update
following its IPO on 31 May, which has been issued today.
Sigma's subsidiary, Sigma PRS Management Limited, is Investment
Adviser to the PRS REIT, which has been established to invest in
new family PRS homes across the regions of England. The PRS REIT is
utilising Sigma's existing PRS platform, which has a GBP400m
pipeline of opportunities identified and in the process of
delivery.
Enquiries:
Sigma Capital Graham Barnet, Chief T: 020 3178
Group plc Executive 6378 (today)
Malcolm Briselden, T: 0333 999
Finance Director 9926
KTZ Communications Katie Tzouliadis, T: 020 3178
Emma Pearson 6378
N+1 Singer (Nomad James Maxwell, Liz T: 020 7496
& Broker) Yong 3000
About Sigma Capital Group plc
www.sigmacapital.co.uk
Sigma 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, has been appointed as Investment
Adviser to The PRS REIT plc.
10 July 2017
PRSR.L
The PRS REIT plc
(the "Company" or the "PRS REIT")
Maiden Update
The PRS REIT, the closed-ended real estate investment trust
established to invest in new build homes in the Private Rented
Sector ("PRS") which was admitted to the Specialist Fund Segment of
the London Stock Exchange's Main Market on 31 May 2017, is pleased
to provide its maiden update.
Immediately following its launch and as planned, the Company
acquired 50 completed and fully let PRS homes comprising two and
three bedroom family homes at Mackets Lane in Halewood, from Sigma
Capital Group plc ("Sigma") for a purchase price of GBP7.3 million.
In line with the Company's investment strategy to focus on sites in
towns and cities in England outside London, which also follow the
main rail and road infrastructure, the site is well situated for
commuting into Liverpool City Centre and is also adjacent to a
local primary school and nursery. The 50 units generate an
annualised rent of approximately GBP0.45 million.
In addition, the Company entered into its first design and build
contract with Countryside Properties plc for a development of PRS
homes in Middleton, Rochdale with an estimated gross development
cost of approximately GBP16.0 million. The site is four miles
northeast of Manchester City Centre, and is well located for the
M60 and wider motorway network. The first tenants are expected to
take occupation in January 2018.
A further five design and build contracts, which together
provide approximately 365 PRS units and have a combined gross
development cost of approximately GBP53.0 million, are expected to
be signed over the coming months. These sites are located in the
North West and South Yorkshire.
Through the Investment Adviser, Sigma PRS Management Limited, a
subsidiary of Sigma, the Company is assessing potential new sites
and this is progressing very well, with additional opportunities
now under review alongside the existing planned roll-out.
The Company looks forward to updating the market further in the
Company's next quarterly update, for the period to 30 September
2017.
Steve Smith, Non-executive Chairman, commented:
"We are very pleased with the PRS REIT's strong start since its
launch at the end of May, with the PRS REIT having hit its early
milestones. The Company remains very well positioned for continuing
progress, with further design and build contracts in preparation
and additional opportunities under review alongside the existing
planned roll-out. Demand for new family rental homes, our core
target market, remains buoyant and we expect our high quality,
professionally managed new homes to help fulfil the growing
shortage of rental housing stock."
For further information, please contact:
The PRS REIT plc Tel: +44 (0)20
3178 6378
Steve Smith, Non-executive Chairman
Sigma PRS Management Limited
Graham Barnet Graeme Hogg Tel: +44 (0)333
999 9926
N+1 Singer
James Maxwell, Liz Yong, James Tel: +44 (0)20
Hopton (Corporate Finance) Michael 7496 3000
Taylor, Rachel Newton (Corporate
Broking)
Stifel Tel: +44 (0)20
7710 7600
Mark Young, Neil Winward, Tunga
Chigovanyika
KTZ Communications Tel: +44 (0)20
3178 6378
Katie Tzouliadis, Emma Pearson
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. The Company
raised GBP250 million gross in an initial public offering via a
Placing Offer for Subscription and Intermediaries Offer. The Issue
was significantly oversubscribed with demand exceeding the target
fundraise amount of GBP250 million. The UK Government's Homes and
Communities Agency supported the launch of the PRS REIT with a
direct investment of c. GBP25 million. The proceeds of the
fundraising will be invested in completed PRS sites and PRS
development sites to achieve the Company's objective of providing
shareholders with an attractive level of income together with the
potential for capital and income growth.
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 will source investments and manage the assets of The
PRS REIT plc and advise the Company on a day-to-day basis in
accordance with the Company's Investment Policy.
About Sigma Capital Group plc ("Sigma")
www.sigmacapital.co.uk
Sigma 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, has been appointed as Investment
Adviser to The PRS REIT plc.
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCSSEFMWFWSEEW
(END) Dow Jones Newswires
July 10, 2017 02:00 ET (06:00 GMT)
Prs Reit (LSE:PRSR)
Historical Stock Chart
From Apr 2024 to May 2024
Prs Reit (LSE:PRSR)
Historical Stock Chart
From May 2023 to May 2024