Closed-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.