Completion of 3,000th New Rental Home
3 December 2020
PRSR.L
The PRS REIT plc
("PRS REIT" or "the Company")
Completion of 3,000th new rental home
Takes Portfolio's ERV to c.£28m
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 3,000th 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 £28m. 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 £50m per annum. Full delivery is expected around the end of 2021.
The 3,000th 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 3,000th 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:
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The PRS REIT plc
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Tel: 020 3178 6378 (c/o KTZ Communications) |
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Sigma PRS Management Limited
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Tel: 0333 999 9926 |
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N+1 Singer
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Tel: 020 7496 3000
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G10 Capital Limited (part of the IQEQ Group as AIFM) Paul Turner
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Tel: 020 3745 2826 |
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KTZ Communications Katie Tzouliadis, Dan Mahoney |
Tel: 020 3178 6378 |
NOTES TO EDITORS
About The PRS REIT plc
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 £0.9bn in a portfolio of high quality homes for private rental across the regions, having raised a total of £500m (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
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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