Manchester-based real estate firm invests millions in four new schemes

North West | Property & Construction

PRS-REITClosed-ended real estate investment trust The PRS REIT plc has acquired three development sites for a combined gross development cost of £34.4m and purchased an additional private rental sector site at a cost of £9m.

One of the development sites is located in Greater Manchester and two are in Merseyside. Combined the group 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 £9.08m from Sigma Capital Group plc, is made up of 59 fully let family homes. It generates an estimated annual rent of around £540,000.

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.

Did you enjoy reading this content?  To get more great content like this subscribe to our magazine

Reader's Comments

Comments related to the current article

Leave a comment

Your email address will not be published. Required fields are marked *