PRS REIT PLC (The) Acquisition of Four PRS Sites (4739R)
15 June 2018 - 4:00PM
UK Regulatory
TIDMPRSR TIDMSGM
RNS Number : 4739R
PRS REIT PLC (The)
15 June 2018
15 June 2018
PRSR.L
The PRS REIT plc
(the "Company" or the "PRS REIT")
Acquisition of Four PRS Sites
The PRS REIT, the closed-ended real estate investment trust
established to invest in new-build homes in the Private Rented
Sector ("PRS"), is pleased to announce that it has acquired a
further three development sites, with a combined gross development
cost of c.GBP34.4m, and purchased an additional completed PRS site
for c.GBP9.08m. All sites were independently valued by Savills.
The three development sites comprise a site in Greater
Manchester and two sites in Merseyside, and will yield a total of
238 additional new family homes. Once fully let, the properties are
expected to generate an estimated rental value ("ERV") of GBP2.17m
per annum. Sigma PRS Management Limited, the PRS REIT's Investment
Advisor, will manage the delivery of the homes, with Countryside
Properties as the construction partner.
The completed PRS site is situated in Greater Manchester and was
acquired from Sigma Capital Group plc. It comprises 59 new, fully
let, family homes and generates an ERV of c. GBP0.54m per
annum.
The acquisitions bring the total number of sites acquired by the
PRS REIT, or currently under construction for, and on behalf of the
PRS REIT, to 25, equating to approximately 1,670 new family homes.
The gross development cost of these sites totals GBP239.3m and the
new homes are expected to deliver an ERV of GBP15.1m per annum.
The Company expects to provide its quarterly update for the
three months ended 30 June 2018 in early July.
For further information, please contact:
The PRS REIT plc Tel: +44 (0)20 3178 6378
Steve Smith, Non-executive Chairman
Sigma PRS Management Limited Tel: +44 (0)333 999 9926
Graham Barnet
Graeme Hogg
N+1 Singer Tel: +44 (0)20 7496 3000
James Maxwell, Liz Yong
Stifel Tel: +44 (0)20 7710 7600
Mark Young, Neil Winward, Gaudi Le Roux
G10 Capital Limited (AIFM) Tel: +44 (0)20 3696 1302
Gerhard Grueter, Anthony Wood, Gaia Udage
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 and to provide
shareholders with an attractive level of income together with the
potential for capital and income growth. It has 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.
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.
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END
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