Sigma Capital Group plc acquires development sites for 214 new homes

Developer and urban regeneration company Sigma Capital Group plc has acquired three PRS development sites.

Located in the North West and West Midlands, the three schemes are expected to deliver 214 rental homes at a total gross development cost (GDC) of around £31m.

Sigma, which has offices across London, Manchester and Edinburgh, said the deals are in line with its strategy of self-funding PRS developments.

The company’s subsidiary, Sigma PRS Management Limited, is an investment adviser to property business The PRS REIT plc, which will have exclusive access to acquire the three new sites once complete.

Essex-headquartered Countryside Properties will undertake the construction work.

In addition to the newly acquired sites, Sigma has four under construction with a GDC of £38m for the PRS REIT’s initial acquisition portfolio. PRS REIT is expected to acquire these four by the end of the year.

In 2017, Sigma completed and sold four other developments to the PRS REIT for £31.7m.

Sigma Capital Group CEO Graham Barnet said: “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.”

He continued: “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.”