The first quoted Real Estate Investment Trust
Sigma is the founder and architect of The PRS REIT plc, the first quoted Real Estate Investment Trust (“REIT”) to focus purely on the private rented sector (“PRS”). The PRS REIT plc, which is listed on the Specialist Fund Segment of Main Market of the London Stock Exchange plc, aims to provide investors with an attractive level of income, and capital growth, through investment in a portfolio of newly-constructed, residential PRS sites of multiple units.
Sigma’s subsidiary, Sigma PRS Management Limited, acts as Investment Advisor to the REIT. Properties will be delivered through Sigma’s PRS platform, with the support of its partners Countryside Properties plc, Engie, Keepmoat Limited, Galliford Try and Homes England.
The PRS REIT floated on the London Stock Exchange in May 2017 and raised £250m of equity which when geared gives £450m of funds to be spent solely on the investment of new build private rental properties in key areas of the UK. In February 2018, under the Placing Programme, a further £250m equity was raised, which in conjunction with the IPO and debt totals £900m of funds to invest to deliver c.5,600 new family homes for rent.
The Floatation attracted a diverse investor base including local authority pension funds, private wealth managers, as well as some of the world’s largest financial institutions and Government support for Sigma and the PRS REIT by direct investment in to the REIT, totalling c.£30m to date. The PRS REIT plc is targeting £1bn+ assets within 5 years.