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PRSR Prs Reit (the) Plc

79.50
0.30 (0.38%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Prs Reit (the) Plc LSE:PRSR London Ordinary Share GB00BF01NH51 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.30 0.38% 79.50 78.20 80.10 80.30 79.00 79.00 665,883 16:35:29
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Real Estate Investment Trust 51.35M 42.45M 0.0773 10.35 439.4M

PRS REIT PLC (The) Acquisition of Fully-let Development of New Homes (2398J)

21/12/2020 7:00am

UK Regulatory


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RNS Number : 2398J

PRS REIT PLC (The)

21 December 2020

21 December 2020

PRSR.L

The PRS REIT plc

(the "Company" or "PRS REIT")

Acquisition of Fully-let Development of New Homes with ERV of GBP1.16m p.a.

for GBP19.0m

Marks Full Commitment of GBP900m (gross) Funding Resource

The PRS REIT, the closed-ended real estate investment trust that invests in new-build homes for the Private Rented Sector, is pleased to announce the acquisition of a fully-let development of 123 new homes in Greater Manchester for GBP19.0m from BlackRock Real Assets. The development generates a passing rent of approximately GBP1.16m per annum, and was independently valued by Savills prior to acquisition.

The transaction marks the full commitment of the PRS REIT's funding resource of GBP900m (gross), and accelerates income delivery for the Company. This is in line with the stated intention of the Company's Investment Adviser, Sigma PRS Management Limited, to acquire completed assets with the balance of the Company's available resources.

It brings the total number of completed homes in the Company's portfolio to 3,163, providing an estimated rental value ("ERV") of approximately GBP29.4m per annum. Around an additional 2,000 homes are currently under way at varying stages of development. This delivery will take the Company's portfolio to approximately 5,200 homes, with an ERV of approximately GBP50.0m per annum when fully completed and let.

The development is located in a suburb north west of Manchester in Holyoake Road, Walkden, and was sourced and completed for Blackrock in June 2019 by Sigma Capital Group plc's PRS property platform. It comprises a mix of 63 three-and-four-bedroom houses and 60 two-bedroom apartments, close to excellent local amenities, with easy access via rail to Manchester City Centre. The development was constructed by Sigma Capital Group plc's principal housebuilding partner, Countryside Properties to the same specification as other sites in the PRS REIT's portfolio. The homes are rented under the 'Simple Life' brand.

Steve Smith, Chairman of The PRS REIT plc, said,

"The acquisition of this new development of purpose-built, high-quality rental homes brings The PRS REIT plc's portfolio of completed assets to over 3,100 homes and accelerates income delivery.

"The Company is now in the final stages of delivering its initial portfolio of approximately 5,200 rental homes, with around 2,000 homes currently in varying stages of development. They are expected to be completed in late 2021."

For further information, please contact:

 
The PRS REIT plc                             Tel: 020 3178 6378 (c/o 
 Steve Smith, Non-executive Chairman          KTZ Communications) 
Sigma PRS Management Limited                 Tel: 0333 999 9926 
 Graham Barnet, Mike McGill 
N+1 Singer                                   Tel: 020 7496 3000 
 James Maxwell, James Moat, Sebastian Burke 
Panmure Gordon (UK) Limited                  Tel: 020 7886 2500 
 Chloe Ponsonby(Corporate Broking) 
 Alex Collins (Corporate Finance) 
G10 Capital Limited (part of the IQEQ Group  Tel: 020 3745 2826 
 as AIFM) 
 Paul Turner 
KTZ Communications                           Tel: 020 3178 6378 
 Katie Tzouliadis, Dan Mahoney 
 

NOTES TO EDITORS

About The PRS REIT plc

( www.theprsreit.com )

The PRS REIT plc 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. The Company is investing GBP0.9bn in a portfolio of high quality homes for private rental across the regions, having 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 ("Sigma") is a PRS, 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. The Company 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.

Sigma has created an unrivalled PRS Platform, which sources sites and brings together construction resource to develop them, enabling Sigma to deliver an integrated solution to partners. As well as sourcing sites and managing all stages of the planning and development process, Sigma also manages the rental of completed homes through its award winning rental brand 'Simple Life'. The Company's 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 operationally 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 Manager is G10 Capital Limited. Sigma PRS Management Ltd is an appointed representative of G10 Capital Limited, which is authorised and regulated by the Financial Conduct Authority (FRN:648953).

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

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(END) Dow Jones Newswires

December 21, 2020 02:00 ET (07:00 GMT)

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