Sigma Capital Group PLC 3 sites acquired for Self-funded PRS portfolio (0464W)
February 06 2017 - 2:00AM
UK Regulatory
TIDMSGM
RNS Number : 0464W
Sigma Capital Group PLC
06 February 2017
AIM: SGM
Sigma Capital Group plc
("Sigma" or the "Company")
The private rented sector ("PRS") and urban regeneration
specialist
Expansion of Self-funded PRS Activities with Three Additional
Sites
Sigma, the private rented sector specialist, is pleased to
announce the acquisition of a further three sites, in the West
Midlands and North West, to deliver an additional c. 200 new rental
homes for its self-funded PRS portfolio. The total gross
development cost of the new homes, including land acquisition, is
c. GBP27m.
These sites take the total number of Sigma's self-funded
developments to seven and extend Sigma's self-funded portfolio into
the Midlands region. Once the homes have been completed, Sigma's
own PRS portfolio will stand at approximately 420 units, located
across Birmingham, Greater Manchester, Liverpool, Sheffield and
Shropshire.
The delivery of these sites is being facilitated by the funding
agreed with the Homes and Communities Agency ("HCA"). Sigma expects
to acquire further sites, deploying the HCA facility, to create a
self-funded portfolio with a total gross development cost in excess
of GBP60m.
The three new sites are located in Mafeking Road, Birmingham,
Howe Bridge Mill, near Atherton in Lancashire, and Hinkshay Road,
Telford and will comprise a mix of two, three and four bedroom,
high quality rental family homes. Construction is being undertaken
by Sigma's partner, Countryside Properties PLC and the first homes
are expected to be available to rent in early autumn 2017. These
PRS homes are also helping to support the delivery of
market-for-sale and affordable homes across these sites.
Sir Edward Lister, Chairman of HCA, commented:
"Our GBP45 million loan from the Home Building Fund will mean
that working with Sigma Capital we will help thousands of families
in the North and Midlands move into a new, high-quality rented
home. Sigma Capital has already delivered its first homes and more
than 370 more homes are to follow over the next 12 months."
Graham Barnet, CEO of Sigma, commented:
"We are pleased to announce the acquisition of a further three
sites as we move towards our target of creating a self-funded
portfolio with a total gross development cost of over GBP60m. We
will be using our funding facility with the HCA to deliver
approximately 200 new rental homes across these sites, which are
located in Birmingham, Telford and Atherton. These new rental homes
are also helping to unlock the delivery of a wider development
scheme which includes new market-for-sale and affordable homes.
"We are delighted to be helping to deliver the HCA and
Government's objective of making more homes available across
England. Our PRS platform facilitates the faster delivery of new
homes and, with our partners, we are executing across multiple
geographic regions. We will be acquiring further sites with HCA
funding."
Enquiries:
Sigma Capital Group Graham Barnet, Chief T: 020 3178 6378 (today)
plc Executive
Malcolm Briselden, Finance T: 0131 220 9444
Director
KTZ Communications Katie Tzouliadis, Emma T: 020 3178 6378
Pearson
N+1 Singer James Maxwell, Sandy T: 020 7496 3000
(NOMAD and Broker) Ritchie
About Sigma Capital Group plc
www.sigmacapital.co.uk
Sigma is a private rented sector, residential development, and
urban regeneration specialist, with offices in Edinburgh,
Manchester and London. Sigma's principal focus is on the delivery
of large scale housing schemes for the private rented sector. It
has a well-established track record in assisting with
property-related regeneration projects in the public sector, acting
as a bridge between the public and private sectors.
About Homes and Communities Agency
www.gov.uk/government/organisations/homes-and-communities-agency
The Homes and Communities Agency ("HCA") helps create successful
communities by making more homes and business premises available to
the residents and businesses who need them. It also regulates
social housing providers in England.
The HCA mostly invests in building new homes, but also in
creating employment floor space and other community facilities, in
cities, towns and villages across the country. The homes it funds
include affordable homes for rent and sale, and homes for rent or
sale at market prices. Its investment helps build around half of
all new homes constructed in England each year. Public land, which
is owned by the HCA, can be sold to housebuilders and is one of the
ways the HCA helps businesses overcome barriers to development and
increase the speed of housebuilding.
This information is provided by RNS
The company news service from the London Stock Exchange
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