Sigma Capital Group PLC Acquisition of PRS Development Sites (5283L)
20 April 2018 - 4:00PM
UK Regulatory
TIDMSGM
RNS Number : 5283L
Sigma Capital Group PLC
20 April 2018
20 April 2018
AIM: SGM
SIGMA CAPITAL GROUP PLC
("Sigma" or the "Company")
The private rented sector ("PRS") and urban regeneration
specialist
Acquisition of PRS Development Sites
Sigma, the PRS, residential development and urban regeneration
specialist, is pleased to announce the acquisition of three PRS
development sites in the new financial year to date. The three
sites, which are located in the North West and West Midlands, are
expected to deliver an additional 214 new rental homes at a total
gross development cost ("GDC") of c. GBP31.0m.
The acquisitions are in line with Sigma's strategy of
self-funding PRS development sites, with The PRS REIT plc ("PRS
REIT") retaining exclusive access to acquire completed sites. The
three sites will be developed through Sigma's PRS delivery
platform, with Countryside Properties undertaking construction.
Construction is expected to be completed in 2019.
In addition to these three newly acquired sites, Sigma has four
sites currently under construction for the PRS REIT's initial
acquisition portfolio with a GDC of c. GBP38.0m. These are expected
to be acquired by the PRS REIT by the end of 2018. A further four
sites were completed and sold to the PRS REIT in 2017 for
GBP31.7m.
Sigma expects to make additional site acquisitions in 2018, with
the development sites providing the Group with rental income from
completed homes during the delivery phase until the ultimate sale
of the completed site.
Graham Barnet, CEO of Sigma Capital Group, commented:
"We are very pleased to be announcing our acquisition of three
additional sites, which will deliver a combined 214 new rental
homes in the North West and West Midlands. These new homes are
being delivered through our PRS platform, with Countryside
Properties undertaking construction, and all homes are expected to
be completed during 2019. The completed sites are designed
exclusively for the PRS REIT, with our new homes built with the
needs of families foremost in mind.
"We expect to make further acquisitions in 2018 as we continue,
with our partners, to drive the large scale construction of new
rental homes across England."
Enquiries:
Sigma Capital Group Graham Barnet, Chief T: 020 3178 6378 (today)
plc Executive
Malcolm Briselden, T: 0333 999 9926
Finance Director
KTZ Communications Katie Tzouliadis, T: 020 3178 6378
Irene Bermont-Penn,
Emma Pearson
N+1 Singer James Maxwell, Liz T: 020 7496 3000
(NOMAD and Broker) Yong, Michael Taylor
NOTES TO EDITORS
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.
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. In its Initial Public
Offering, on 31 May 2017, the Company raised GBP250m gross equity
capital and, on 20 February 2018, it raised a further GBP250m
(gross) through an additional placing. Both fundraisings were
supported by the UK Government's Homes England with direct
investments totaling c. GBP30m.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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