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.

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