PRS REIT PLC (The) Site acquisitions (9755I)
30 November 2018 - 6:00PM
UK Regulatory
TIDMPRSR
RNS Number : 9755I
PRS REIT PLC (The)
30 November 2018
PRSR.L
The PRS REIT plc
(the "Company" or "PRS REIT")
Acquisition of two PRS Development Sites
and
Forward Contract Agreement on a further two PRS Development
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 signed contracts
on four new development sites, acquiring two immediately, and
entering into forward contracts for the other two sites. The four
sites are anticipated to deliver a total of c. 464 new family
rental homes for a gross development cost ("GDC") of c.
GBP68.2m.
The two newly-acquired development sites are located in Walkden,
Salford, and in Knowsley, Merseyside. Once constructed and fully
let, these sites are expected to yield a rental income of c.
GBP2.1m per annum from c. 240 homes, with completion anticipated in
the first half of 2020. Sigma PRS Management Limited ("Sigma"), the
PRS REIT's Investment Advisor, has sourced these sites and will
manage the delivery of the new homes, with Countryside Properties
as construction partner.
The forward contract agreements are over two sites, in Telford
and Salford. Acquisition of these sites is triggered by detailed
planning approval, the process of which is currently underway. The
estimated rental value ("ERV") of the c. 224 new homes to be
constructed across the two sites is c. GBP2.1m per annum. As noted
above, Sigma will manage the delivery of the construction project,
with Countryside Properties as construction partner.
Following the acquisition of the two additional development
sites, the PRS REIT has a total of 36 sites that are either
completed or contracted, which equates to approximately 3,000 new
family homes. The GDC of the 36 sites is c. GBP452m (30 September
2018: GBP384m) and the homes have a ERV of c. GBP28m per annum (30
September 2018: GBP24.1m).
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
Graeme Hogg
N+1 Singer Tel: 020 7496 3000
James Maxwell, James Moat, Ben Farrow
Stifel Tel: 020 7710 7600
Mark Young, Neil Winward, Gaudi Le Roux
G10 Capital Limited (AIFM) Tel: 020 3696 1302
Gerhard Grueter, Anthony Wood, Gaia Udage
KTZ Communications Tel: 020 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 with direct
investments.
LEI: 21380037Q91HU97WZX58
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 Investment Adviser to The
PRS REIT plc. It sources investments and 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 Adviser
is an appointed representative (reference number: 776293) of the
AIFM.
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END
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