Sigma Capital Group PLC AGM Statement (0030R)

TIDMSGM

RNS Number : 0030R

Sigma Capital Group PLC

25 June 2020

25 June 2020

AIM: SGM

SIGMA CAPITAL GROUP PLC

("Sigma")

The private rented sector ("PRS") and urban regeneration specialist

AGM Statement

Sigma, the private rented sector, residential development and urban regeneration specialist, will be holding its Annual General Meeting at 10.00am today, when Chairman, Ian Sutcliffe, will provide the following update on trading:

"This is my first Sigma AGM having joined the Board in May, and I am pleased to make the following statement.

"As highlighted on 18 June, construction activity has resumed following its suspension in March as a result of the coronavirus pandemic. Social distancing measures are being observed on all sites in order to ensure the welfare of our staff, partners and the wider community.

"Last week, we were delighted to reach the significant milestone of delivering the 2,000(th) rental home for The PRS REIT plc ("PRS REIT"), just three years after its launch. This has taken our total delivery of new rental homes across our PRS platform to almost 4,000 since commencing our activities in the private rented sector in 2014.

"Currently, approximately 2,900 units, at varying stages in the delivery process, are under way across the regions for the PRS REIT. This delivery includes Sigma-funded developments that have a combined gross development cost ("GDC") of GBP58.7m following the acquisition of additional sites in Greater Manchester. Rent collection for the properties we manage for the PRS REIT has remained resilient, with a 97% collection rate in May. Demand is high, and reservations have been rising weekly since the beginning of May and in June average 75 per week.

"Our build-to-rent activities in London are also progressing steadily. We have two development sites under way with a combined GDC of GBP43.0m, at Beam Park in Dagenham and Fresh Wharf, Barking, and remain ambitious in our plans to scale activity.

"We look forward to providing a further update in due course."

Enquiries:

 
Sigma Capital Group    Graham Barnet, Chief Executive        T: 020 3178 6378 
 plc                                                          (today) 
                       Mike McGill, Group Chief Financial    T: 0333 999 9926 
                        Officer 
 
KTZ Communications     Katie Tzouliadis, Dan Mahoney         T: 020 3178 6378 
 
N+1 Singer             James Maxwell, James Moat,            T: 020 7496 3000 
 (NOMAD and Broker)     Ben Farrow 
 

NOTES TO EDITORS

About Sigma Capital Group plc

( www.sigmacapital.co.uk )

Sigma Capital Group plc ("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. Its subsidiary, Sigma PRS Management Limited, is Investment Adviser to The PRS REIT plc.

About Sigma PRS Management Ltd

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)

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

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June 25, 2020 02:00 ET (06:00 GMT)