June 16, 2020
Sigma, the PRS, residential development and urban regeneration specialist, is pleased to announce that the 2,000th new family rental home has been delivered for The PRS REIT plc (“REIT” or “PRS REIT”) through the Company’s PRS property platform.
Originally due at the end of March, until the coronavirus crisis caused construction activity to be suspended, the milestone comes just three years after the creation and launch of the REIT by Sigma in 2017.
The 2,000th home is a three-bedroom house at the Abbotsfield development in St Helens, Merseyside, and is part of a development of 102 high-quality family homes. As with all the PRS REIT’s sites, the development is well-located, close to good primary schooling and local amenities as well as to transport links. It is let under Sigma’s ‘Simple Life’ rental brand, which aims to set a new standard of customer care in the private rental space. www.simplelifehomes.co.uk
Sigma currently has a further c.2,900 homes at various stages of development for the REIT through its PRS property platform. These homes are located across the English regions, including in the North West, Midlands, Yorkshire, North East and South.
As Investment Adviser, Sigma subsidiary, Sigma PRS Management Limited, sources suitable investments and development sites, oversees the planning and construction processes, and manages the PRS 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. The REIT has first refusal on sites within Sigma’s PRS property platform.
Graham Barnet, CEO of Sigma Capital Group plc, said:
“We are very pleased to have delivered the PRS REIT’s 2,000th home in just three years. The pace at which we have been able to deliver new homes reflects the effectiveness of our property platform, which brings together both land and construction resource. Our key partners include Countryside Properties, as well as local authorities and Homes England, and we currently have around 2,900 further homes under way for the PRS REIT.”
Steve Smith, Chairman of the PRS REIT, said:
“I am delighted that the PRS REIT has completed its 2,000th new home. We have reached this milestone in just under three years and a further 2,900 family rental homes are at various stages of development across the regions of England.
“There is a critical need for quality rental homes for families, and we look forward to continuing to play our part in meeting demand for this important but highly underserved sector of the housing market.”