Inclusion in FTSE 250 Index
PRSR.L
The PRS REIT plc
("PRS REIT" or "the Company")
Inclusion in FTSE 250 Index
The PRS REIT plc, the closed-ended real estate investment trust that invests in high-quality, new build, family homes in the private rented sector, is pleased to confirm that the Company has joined the FTSE 250 Index today.
This landmark event reflects the success of the Company's pioneering model, launched at IPO in 2017, to establish a delivery mechanism for the creation and management of a national scale portfolio of high-quality, new-build rental homes for the private rented sector. The model has resulted in the successful establishment of the UK's largest build-to-rent portfolio of single family homes, with over 5,400 homes completed, mostly across the major regions of England (excluding London). From the outset, the ambition was to offer desirable homes supported by a new, higher standard of customer care that would also foster a sense of community across developments. Sigma Capital Group was the architect of the PRS REIT, and its subsidiary, Sigma PRS Management Ltd, is the Investment Adviser, responsible for the delivery and asset management of the Company's portfolio.
The current portfolio is expected to be completed in the first quarter of calendar 2025 and will total around 5,600 homes with an estimated rental value once fully let of c. £66.5m*. The portfolio provides much needed new housing to families and individuals across the country, with an affordability ratio (measured as average rent as a proportion of gross household income) of 23%*, well within the guidance established by Homes England, which is that rents should be less than 35% of tenants' gross household income. The portfolio also provides investors with a stable, long-term yield, with potential for uplifts and for capital appreciation.
*as announced on 18 July 2024
Steve Smith, Chairman of The PRS REIT plc, commented:
"The PRS REIT's entry into the FTSE 250 Index is a significant landmark and could not have been achieved without the backing of our stakeholders, including investors, banking and housebuilder partners, supporters in government and Sigma Capital Group. The UK's lack of quality rental housing remains an acute problem, and we are proud to have successfully pioneered a new approach for delivering modern family housing at scale and to have created the largest single family build-to-rent portfolio in the UK."
For further information, please contact:
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The PRS REIT plc Steve Smith, Chairman Geeta Nanda, Senior Independent Non-Executive Director
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Tel: 020 3178 6378 (c/o KTZ Communications)
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Singer Capital Markets James Maxwell, Asha Chotai
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Tel: 020 7496 3000 |
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Jefferies International Limited Gaudi Le Roux, Tom Yeadon
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Tel: 020 7029 8000
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G10 Capital Limited (AIFM and part of IQ-EQ group) Maria Baldwin
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Tel: 020 7397 5450
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KTZ Communications Katie Tzouliadis, Robert Morton |
Tel: 020 3178 6378
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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 ("PRS") and to provide Shareholders with an attractive level of income together with the potential for capital and income growth. The Company is investing over £1bn in a portfolio of high-quality homes for private rental across the regions, having raised a total of £0.56bn (gross) through its Initial Public Offering, on 31 May 2017 and subsequent fundraisings in February 2018 and September 2021. The UK Government's Homes England has supported the Company with direct investments. On 2 March 2021, the Company transferred its entire issued share capital to the premium listing segment of the Official List of the FCA and to the London Stock Exchange's premium segment of the Main Market. With 5,396 new rental homes as at 30 June 2024, the Company believes its portfolio is the largest build-to-rent single-family rental portfolio in the UK.
LEI: 21380037Q91HU97WZX58
About Sigma Capital Group Limited (formerly Sigma Capital Group plc) www.sigmacapital.co.uk
Sigma Capital Group Limited ("Sigma") is a build-to-rent ("BTR") regeneration specialist, with offices in Edinburgh, Manchester and London. The Company's principal focus is on the delivery of large-scale housing schemes for the private rented sector and Sigma is the UK's leading provider of BTR homes for the single family sector. The Company also has extensive experience in the delivery of multi-family apartment schemes and 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 delivery and management platform, which has delivered or is in the process of delivering over 12,00 homes across the UK to date. The Company has a significant pipeline of development opportunities, which currently stands at over £3 billion in gross development cost. Sigma manages the letting of completed homes through its property platform, which includes its award-winning rental brand 'Simple Life'. The Company's subsidiary, Sigma PRS Management Ltd, is Investment Adviser to The PRS REIT plc.
About Sigma PRS Management Ltd
Sigma PRS Management Ltd is a wholly-owned subsidiary of Sigma Capital Group Limited 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 AIFM 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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