PRS REIT PLC (The) Additional Debt Facility (3647A)
29 September 2020 - 4:00PM
UK Regulatory
TIDMPRSR
RNS Number : 3647A
PRS REIT PLC (The)
29 September 2020
PRSR.L
The PRS REIT plc
(the "Company" or "PRS REIT")
Additional Debt Facilities
The PRS REIT, the closed-ended real estate investment trust that
invests in new-build homes for the Private Rented Sector ("PRS"),
is pleased to announce that an additional GBP50m of development
debt facilities have been approved with Barclays Bank Plc. This
takes the Company's overall debt facilities to GBP450m.
As the total debt of the Company is subject to an absolute
maximum, calculated at the time of drawdown of the relevant
borrowings, of not more than 45 per cent of the gross asset value,
a cap of a maximum of GBP400m of debt will be drawn down at any one
time.
The additional development debt facilities will enable the
Company to accelerate the delivery of the balance of its
development sites as it moves towards completion of its initial
portfolio. Following practical completion of these sites and
stabilisation of lettings, the assets will be refinanced using the
Company's longer-term investment debt facilities, which are already
in place.
Steve Smith, Chairman of The PRS REIT plc, said,
"We are delighted to welcome Barclays to our banking group in
The PRS REIT plc. Barclays's involvement alongside our other
funding partners is testament to the strength of our model, the
demand for our product and the Company's performance and resilience
during this difficult period."
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, Mike McGill
N+1 Singer Tel: 020 7496 3000
James Maxwell, James Moat, Ben Farrow
G10 Capital Limited (part of the IQEQ Group Tel: 020 3745 2826
as AIFM)
Paul Turner
KTZ Communications Tel: 020 3178 6378
Katie Tzouliadis, Dan Mahoney
NOTES TO EDITORS
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 and to provide
shareholders with an attractive level of income together with the
potential for capital and income growth. The Company is investing
GBP0.9bn in a portfolio of high quality homes for private rental
across the regions, having 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 ("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 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 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
Investment Manager 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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