16 October 2024
Sigma Capital Group, the leading provider of build to rent family housing in the UK, is celebrating the successful sale of its second large scale delivery of new build to rent (BTR) homes in partnership with Gatehouse Living Group. The portfolio has been acquired by Citra Living, part of the Lloyds Banking Group.
In total the fund consists of 821 new properties across nine sites in locations across the North West and Midlands and is part of Sigma’s ongoing delivery of BTR homes, which now totals c.12,000 over c.167 separate transactions, across the UK. All Sigma’s BTR homes are delivered for both Sigma’s own balance sheet and on behalf of investment partners, contributing toward Homes England’s housing targets.
The UK Private Rented Fund (“UK PRS Fund”) portfolio was launched in 2015 by Sigma, principally supported by a leading Sovereign Wealth Fund and Gatehouse Bank.
This major milestone follows the 2021 sale of the 918 home Thistle Portfolio, the first large scale BTR single-family housing portfolio of its kind, delivered by Sigma and Gatehouse Living Group.
Through Sigma’s industry leading build to rent model and their housebuilding partnerships, Sigma, sourced and acquired the majority of sites across the two funds, as well as managing the housing delivery, handover, lettings and in-tenancy customer experience, through to the stabilisation of all sites. The homes were taken to market through a dedicated brand ‘DifRent’ which was created by Sigma, exclusively for the Thistle and UK PRS funds. Since 2020 Ascend Properties, Sigma’s managing agent partner has been working alongside Sigma on the lettings and property management of the UK PRS portfolio.
The acquired homes include a mix of two-, three- and four-bedroom homes, as well as 72 low rise apartments. Occupancy of the homes currently stands at 99%, with residents benefitting from good access to local amenities and EPC ratings of B or higher, putting them in the top 10% of UK homes for energy-efficiency.
Graham Barnet, CEO of Sigma Capital comments: “As the founder and leading provider of BTR family housing in the UK, we’re delighted to have assisted in creating and managing the UK PRS BTR schemes, which has resulted in an attractive, strong-performing portfolio. We’re really proud to have supported both parties on the sale and to be able to showcase the demand, resilience and opportunity that single family build to rent housing can offer both investors and renters alike.”
