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Friday 15 June, 2018


Acquisition of Four PRS Sites

RNS Number : 4739R
15 June 2018

15 June 2018


The PRS REIT plc

(the "Company" or the "PRS REIT")


Acquisition of Four PRS Sites


The PRS REIT, the closed-ended real estate investment trust established to invest in new-build homes in the Private Rented Sector ("PRS"), is pleased to announce that it has acquired a further three development sites, with a combined gross development cost of c.£34.4m, and purchased an additional completed PRS site for c.£9.08m. All sites were independently valued by Savills.


The three development sites comprise a site in Greater Manchester and two sites in Merseyside, and will yield a total of 238 additional new family homes.  Once fully let, the properties are expected to generate an estimated rental value ("ERV") of £2.17m per annum.  Sigma PRS Management Limited, the PRS REIT's Investment Advisor, will manage the delivery of the homes, with Countryside Properties as the construction partner.


The completed PRS site is situated in Greater Manchester and was acquired from Sigma Capital Group plc. It comprises 59 new, fully let, family homes and generates an ERV of c. £0.54m per annum.


The acquisitions bring the total number of sites acquired by the PRS REIT, or currently under construction for, and on behalf of the PRS REIT, to 25, equating to approximately 1,670 new family homes. The gross development cost of these sites totals £239.3m and the new homes are expected to deliver an ERV of £15.1m per annum.


The Company expects to provide its quarterly update for the three months ended 30 June 2018 in early July.   



For further information, please contact:

The PRS REIT plc
Steve Smith, Non-executive Chairman

Tel: +44 (0)20 3178 6378

Sigma PRS Management Limited
Graham Barnet                                                   
Graeme Hogg

Tel: +44 (0)333 999 9926

N+1 Singer 
James Maxwell, Liz Yong

Tel: +44 (0)20 7496 3000


Mark Young, Neil Winward, Gaudi Le Roux

Tel: +44 (0)20 7710 7600

G10 Capital Limited (AIFM)

Gerhard Grueter, Anthony Wood, Gaia Udage


Tel: +44 (0)20 3696 1302

KTZ Communications

Katie Tzouliadis, Emma Pearson

Tel: +44 (0)20 3178 6378




About The PRS REIT plc

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 £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.   


About Sigma Capital Group plc

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.


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