Sigma, the PRS, residential development and urban regeneration specialist, is pleased to announce the acquisition of three PRS development sitesin 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. £31.0m.
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. £38.0m. 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 £31.7m.
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.“