PRS REIT PLC (The) Completion of 3,000th New Rental Home (3474H)
03 December 2020 - 6:00PM
UK Regulatory
TIDMPRSR
RNS Number : 3474H
PRS REIT PLC (The)
03 December 2020
3 December 2020
PRSR.L
The PRS REIT plc
("PRS REIT" or "the Company")
Completion of 3,000(th) new rental home
Takes Portfolio's ERV to c.GBP28m
The PRS REIT, the closed-ended real estate investment trust
established to invest in new-build homes for the Private Rented
Sector ("PRS"), is delighted to announce the completion of the
3,000(th) home for its portfolio.
This completion marks another significant milestone in the
development of the PRS REIT's portfolio of high-quality family
rental homes since its launch in May 2017, and brings the estimated
rental value ("ERV") of the portfolio to approximately GBP28m.
After the lifting of the first national coronavirus-related
restrictions in May 2020, the pace of construction has accelerated
steadily, and a further 2,003 homes are currently at various stages
of development. Homes are located across the English regions,
including the North West, Midlands, Yorkshire, North East and in
the South of England.
Once full delivery is completed, the PRS REIT's initial
portfolio is expected to comprise approximately 5,200 homes, with
ERV approaching GBP50m per annum. Full delivery is expected around
the end of 2021.
The 3,000(th) home is a three-bedroom, semi-detached house
located on the Company's Millard Grange development in Houghton
Regis, Bedfordshire, and is part of a development of 129
high-quality rental homes. As with all of the PRS REIT's sites, the
development is well-located, close to good primary schooling and
local amenities. It is let under the 'Simple Life' rental
brand.
Steve Smith, Chairman of the PRS REIT, said:
"I am delighted that the PRS REIT's 3,000(th) new rental home
has now been completed. Reaching this milestone so quickly after
the first national lockdown reflects the strength of our model.
"We are serving one of the most undersupplied sectors of the UK
property market, and look forward to providing families with a
broad selection of high-quality rental options as we complete our
portfolio of new homes."
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
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 PRS 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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