Sigma extends PRS reach with two deals
Sigma Capital has extended its reach into the PRS market with a deal to deliver up to 5,000 new private rented sector homes for Countryside Properties and the purchase of a fully-let PRS scheme in Manchester on behalf of PRS REIT.
The deal with Countryside will see Sigma become its principal housebuilding partner, delivering thousands of rental homes over the next three years. The partnership follows on from a similar arrangement agreed in June 2018 for the delivery of 5,000 homes. Sigma said those homes had either now been built or were in the process of being built.
Chief executive Graham Barnet said: “The need for well-managed, high-quality rental housing remains a priority for most parts of the country. We look forward to continuing to help meet this need.”
Sigma Capital has extended its reach into the PRS market with a deal to deliver up to 5,000 new private rented sector homes for Countryside Properties and the purchase of a fully-let PRS scheme in Manchester on behalf of PRS REIT.
The deal with Countryside will see Sigma become its principal housebuilding partner, delivering thousands of rental homes over the next three years. The partnership follows on from a similar arrangement agreed in June 2018 for the delivery of 5,000 homes. Sigma said those homes had either now been built or were in the process of being built.
Chief executive Graham Barnet said: “The need for well-managed, high-quality rental housing remains a priority for most parts of the country. We look forward to continuing to help meet this need.”
Iain McPherson, chief executive of Countryside, added: “We continue to see attractive opportunities within our partnerships business to deliver much-needed, high-quality and sustainable mixed-tenure communities in the UK.”
In Manchester, Sigma has bought a £19m PRS scheme from BlackRock Assets. The scheme, which represented the full commitment of PRS REIT’s £900m acquisition pot, delivers an annual rent of £1.16m.
The acquisition of the property brings the total number of completed homes in PRS REIT’s portfolio to 3,163, providing an estimated rental value of £29.4m pa. An additional 2,000 homes are currently under way at varying stages of development. Once completed, PRS REIT will have a portfolio of 5,200 homes, generating an annual rent of £50m.
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