PRS REIT acquires £62m in new sites

PRS REIT has acquired four new PRS sites with a GDV of £62m. The four sites will deliver 310 homes with an expected rental income of £3.7m, equating to a yield of 5.96%. Three of the sites are development sites, and the fourth will be acquired once fully completed. Construction is currently under way at the Salford development and the other two sites in Chester and Houghton Regis are pending planning consent, expected in the first half of 2019. After completion the three developments will be managed by Sigma PRS. PRS REIT has entered into a forward contract to purchase a further site in Bury St Edmunds in 2020. The acquisitions bring the REIT’s total sites to 47, with 3,882 homes after completion. The development cost of the sites is around £591m, and they have a forecasted rental income of £36.7m. PRS REIT’s unaudited EPRA NAV and IFRS NAV sat at 96.3p per share at 31 December 2018. This is a drop of 2%, from 98.3p per share at 30 June 2018. It declared an interim quarterly dividend of 1p per share for the quarter up to 31 December. PRS REIT will issue interim results and a trading update on 12 March. To send feedback, e-mail emma.rosser@egi.co.uk or tweet @EmmaARosser or @estatesgazette