Sigma Capital Group PLC AGM Statement (0030R)
25 June 2020 - 4:00PM
UK Regulatory
TIDMSGM
RNS Number : 0030R
Sigma Capital Group PLC
25 June 2020
25 June 2020
AIM: SGM
SIGMA CAPITAL GROUP PLC
("Sigma")
The private rented sector ("PRS") and urban regeneration
specialist
AGM Statement
Sigma, the private rented sector, residential development and
urban regeneration specialist, will be holding its Annual General
Meeting at 10.00am today, when Chairman, Ian Sutcliffe, will
provide the following update on trading:
"This is my first Sigma AGM having joined the Board in May, and
I am pleased to make the following statement.
"As highlighted on 18 June, construction activity has resumed
following its suspension in March as a result of the coronavirus
pandemic. Social distancing measures are being observed on all
sites in order to ensure the welfare of our staff, partners and the
wider community.
"Last week, we were delighted to reach the significant milestone
of delivering the 2,000(th) rental home for The PRS REIT plc ("PRS
REIT"), just three years after its launch. This has taken our total
delivery of new rental homes across our PRS platform to almost
4,000 since commencing our activities in the private rented sector
in 2014.
"Currently, approximately 2,900 units, at varying stages in the
delivery process, are under way across the regions for the PRS
REIT. This delivery includes Sigma-funded developments that have a
combined gross development cost ("GDC") of GBP58.7m following the
acquisition of additional sites in Greater Manchester. Rent
collection for the properties we manage for the PRS REIT has
remained resilient, with a 97% collection rate in May. Demand is
high, and reservations have been rising weekly since the beginning
of May and in June average 75 per week.
"Our build-to-rent activities in London are also progressing
steadily. We have two development sites under way with a combined
GDC of GBP43.0m, at Beam Park in Dagenham and Fresh Wharf, Barking,
and remain ambitious in our plans to scale activity.
"We look forward to providing a further update in due
course."
Enquiries:
Sigma Capital Group Graham Barnet, Chief Executive T: 020 3178 6378
plc (today)
Mike McGill, Group Chief Financial T: 0333 999 9926
Officer
KTZ Communications Katie Tzouliadis, Dan Mahoney T: 020 3178 6378
N+1 Singer James Maxwell, James Moat, T: 020 7496 3000
(NOMAD and Broker) Ben Farrow
NOTES TO EDITORS
About Sigma Capital Group plc
( www.sigmacapital.co.uk )
Sigma Capital Group plc ("Sigma") 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 Ltd
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)
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
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END
AGMKKQBPFBKDKAB
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