Manchester-based PRS REIT plc invests millions in four new schemes

Closed-ended real estate investment trust The PRS REIT plc has acquired three development sites and a completed PRS (private rented sector) scheme.

One of the development sites is located in Greater Manchester and two are in Merseyside.

They have a combined gross development cost of around £34.4m and will deliver 238 new family homes, generating an estimated rent of £2.17m once fully let.

Sigma PRS Management Limited – The PRS REIT’s investment advisor and part of urban regeneration developer Sigma Capital Group plc, which launched the Manchester-based trust in May 2017 – will manage the delivery of the homes.

Building firm Countryside Properties is the appointed construction partner.

The completed PRS site, acquired for c.£9.08m from Sigma Capital Group plc, is made up of 59 fully let family homes. It generates an estimated annual rent of around £540k.

Following the acquisitions announced this morning, the PRS REIT now has 25 sites either built or under construction, equating to around 1,670 family homes and an estimated annual rent of £15.1m.

All the acquired sites were independently valued by property services firm Savills.

Earlier this year, The PRS REIT raised £250m through a placing to build its UK portfolio.

Want your business, product or service to be seen regionally and nationally? Bdaily helps you get your story in front of the right audience, every day. Find out how Bdaily can help →

Join more than 55,000 subscribers by signing up to our daily bulletin each morning here.