TIDMSGM
RNS Number : 1793Z
Sigma Capital Group PLC
16 May 2019
16 May 2019
AIM: SGM
SIGMA CAPITAL GROUP PLC
("Sigma" or the "Company")
The private rented sector ("PRS") and urban regeneration
specialist
1,000(th) Home Completed for The PRS REIT plc
Sigma, the PRS, residential development and urban regeneration
specialist, is pleased to announce that its wholly-owned
subsidiary, Sigma PRS Management Limited, has confirmed the
delivery of the 1,000(th) new rental home for The PRS REIT plc
("PRS REIT") in its capacity as Investment Adviser.
The milestone comes some 23 months after Sigma launched the PRS
REIT, which has first right of refusal to development opportunities
within the Company's PRS property platform. Supported by key
housebuilding partners, as well as Homes England, Sigma's
sophisticated PRS delivery and management platform has enabled the
PRS REIT to rapidly become a leading UK provider of high quality,
family homes for private rental. Sigma has now delivered over 2,500
PRS homes constructed through its platform since commencing this
activity in November 2014. In excess of 3,200 homes are currently
under construction.
Launched on 31 May 2017, the PRS REIT is a closed-ended real
estate investment trust established to invest in new build, private
rented sector homes. As Investment Adviser, Sigma PRS Management
Limited sources investments and manages the assets of the PRS REIT,
and advises it on a day-to-day basis in accordance with its
investment policy.
Graham Barnet, CEO of Sigma, commented:
"I am delighted that the PRS REIT has reached this significant
milestone, with Sigma and its partners helping to bring it about.
Currently, there are another 3,200 or so homes under construction
for the PRS REIT, with some 5,600 new homes being the total target
as we continue to deliver the PRS REIT's GBP900m of gross expected
funding."
A copy of the PRS REIT's announcement is provided below.
Enquiries:
Sigma Capital Group Graham Barnet, Chief Executive T: 020 3178 6378 (today)
plc
Malcolm Briselden, Finance T: 0333 999 9926
Director
KTZ Communications Katie Tzouliadis, Dan T: 020 3178 6378
Mahoney
N+1 Singer James Maxwell, James Moat, T: 020 7496 3000
(NOMAD and Broker) Ben Farrow
The PRS REIT plc
(the "Company" or "PRS REIT")
1,000(th) home built for The PRS REIT
The PRS REIT, the closed-ended real estate investment trust
established to invest in new-build homes for the Private Rented
Sector ("PRS"), is delighted to announce the completion of its
1,000(th) new home, approximately 23 months after the Company was
launched.
This milestone underlines the PRS REIT's rapidly emerging
position as the leading provider of new-build, family rental homes,
a severely undersupplied sector of the UK housing market. Tenants
are typically middle-income, families and young couples.
The 1,000(th) home is located at the Company's Prescot Park
development in Prescot, Merseyside. The development comprises 140
homes, offering a choice of 2, 3 and 4 bedroom properties. It fits
the PRS REIT's model of developing new homes close to good primary
schools and major transport links. Homes are let under the 'Simple
Life' brand, which is seeking to set a new standard of customer
care in the rental market, providing amongst other things a
twenty-four hour customer service phone line and promoting
community events.
Earlier this year, the PRS REIT met its initial target of
committing all of its expected funds of GBP900m (gross) to new
developments. This should fund the delivery of approximately 5,600
new rental homes and yield an estimated rental value of GBP57m per
annum upon completion.
Sigma PRS Management Limited, part of Sigma Capital Group plc,
is Investment Adviser to the PRS REIT, and responsible for sourcing
and managing the PRS REIT's assets.
Steve Smith, Chairman of the PRS REIT, said:
"We are delighted to report that the 1,000(th) home for the PRS
REIT has now been completed, and to welcome our new tenants. The
PRS REIT has been a trailblazer in the private rental sector, and a
further 3,200 or so new homes are currently under construction
through our partners. Family rental housing remains critically
short of current and projected demand, and we are pleased to be
playing a part in delivering a high quality solution."
For further information, please contact:
The PRS REIT plc Tel: 020 3178 6378 (c/o KTZ
Steve Smith, Non-executive Communications)
Chairman
Sigma PRS Management Limited Tel: 0333 999 9926
Graham Barnet
Graeme Hogg
N+1 Singer Tel: 020 7496 3000
James Maxwell, James Moat,
Ben Farrow
Stifel Tel: 020 7710 7600
Mark Young, Neil Winward, Gaudi
Le Roux
G10 Capital Limited (AIFM) Tel: 020 3696 1302
Gerhard Grueter, Anthony Wood,
Gaia Udage
KTZ Communications Tel: 020 3178 6378
Katie Tzouliadis, Dan Mahoney
NOTES TO EDITORS
About The PRS REIT plc
(www.theprsreit.com)
The PRS REIT is a closed-ended real estate investment trust
established to invest in the Private Rented Sector and to provide
shareholders with an attractive level of income together with the
potential for capital and income growth. It has raised a total of
GBP500m (gross) through its Initial Public Offering, on 31 May
2017, and a subsequent placing in February 2018. Both fundraisings
were supported by the UK Government's Homes England with direct
investments.
LEI: 21380037Q91HU97WZX58
About Sigma Capital Group plc
(www.sigmacapital.co.uk)
Sigma Capital Group plc 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. Its subsidiary,
Sigma PRS Management Limited, is Investment Adviser to The PRS REIT
plc.
About Sigma PRS Management Limited
Sigma PRS Management Limited is a wholly-owned subsidiary of
AIM-quoted Sigma Capital Group plc and is Investment Adviser to The
PRS REIT plc. It sources investments and manages the assets of The
PRS REIT plc and advises the Alternative Investment Fund Manager
("AIFM") and The PRS REIT plc on a day-to-day basis in accordance
with The PRS REIT plc's Investment Policy. The Investment Adviser
is an appointed representative (reference number: 776293) of the
AIFM.
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END
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