4,000th new rental home delivered for The PRS REIT plc

Sigma, the private rented sector, residential development and urban regeneration specialist, is pleased to announce that it has delivered the 4,000th rental home for The PRS REIT plc (“REIT” or “PRS REIT”), cementing Sigma’s position as the leading operator in the delivery of new-build single family rental homes in the UK.  

The delivery, effected through Sigma’s PRS property platform, takes the total estimated rental value (“ERV”) of the PRS REIT’s portfolio to approximately £37.7m per annum. As at 30 June 2021, 1,096 additional homes were at various stages of development, as delivery approaches the PRS REIT’s initial target of 5,200 homes with an ERV of approximately £50.0m per annum.

The 4,000th home is a three-bedroom house at the Duttonfields development on Deeside, close to Chester. It is part of a scheme of 99 high-quality family homes, with an ERV of approximately £870,000 per annum. The house is let under Sigma’s award-winning ‘Simple Life’ rental brand, and, in common with other PRS REIT sites, is located close to transport links, good primary schooling and local amenities.

As Investment Adviser to the REIT, Sigma’s subsidiary, Sigma PRS Management Limited, sources suitable investments and development sites, oversees the planning and construction processes, and manages the REIT’s assets, in accordance with the REIT’s investment policy. Sigma’s PRS property platform, which comprises relationships with housebuilding partners, local authorities and Homes England, has enabled the rapid progress of the REIT.

Graham Barnet, CEO of Sigma Capital Group plc, said:

“The delivery of The PRS REIT’s 4,000th rental home marks another significant milestone as we approach the REIT’s initial target of 5,200 homes. It also underlines Sigma’s position as the leading delivery provider of new-build family rental homes in the UK. With over 1,000 further homes under way, we look forward to reaching the REIT’s target by early 2022.”

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

“I am delighted that The PRS REIT plc’s portfolio now stands at 4,000 new homes – the largest build-to-rent single family rental portfolio in the UK. There is huge demand for our high-quality, professionally-managed family rental homes, and we are pleased to be creating new homes across the regions that help to fulfil a critically underserved segment of the UK population.”

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