PRS developer Sigma has sold a completed PRS site to The PRS REIT near Birmingham and bought two more for development for £17.6m.
The PRS REIT, which is managed by Sigma PRS Management, paid £10.3m for the site in Smethwick of 63 family rental homes. Annual rent of £0.6m equates to a gross yield of 5.8%.
The REIT has exclusive access to sites built though Sigma’s PRS platform. It has entered into forward-funding arrangements with Sigma to buy the other two sites it has purchased in Nuneaton, in the West Midlands, and Harlow, Essex. The sites will deliver 50 and 28 new family homes respectively at an estimated rental value of £1.1m.
