The PRS REIT, the closed-ended real estate investment trust established to invest in new-build homes for the Private Rented Sector ("PRS"), is delighted to announce the completion of the 2,000th home for its portfolio.
Originally on track to be completed at the end of March, until the coronavirus crisis caused construction activity to be suspended, the new home is a milestone that marks the PRS REIT's increasing presence in the UK as a leading provider of new high-quality, family rental homes. This market is one of the most undersupplied sectors of the UK housing market.
The Company's 2,000th home is a three-bedroom house at its Abbotsfield development in St Helens, Merseyside, and is part of a development of 102 high-quality family homes. As with all of 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 the 'Simple Life' rental brand: www.simplelifehomes.co.uk
A further c.2,900 homes are currently at various stages of development for the PRS REIT across the English regions, including in the North West, Midlands, Yorkshire, North East and South.
Sigma PRS Management Limited, part of Sigma Capital Group plc ("Sigma"), is Investment Adviser to the PRS REIT, and responsible for sourcing and securing suitable development sites, overseeing the planning and construction processes, and managing assets. Homes are delivered through Sigma's property platform, which comprises relationships with housebuilding partners, local authorities and Homes England. The platform allows for rapid progress, and completed properties are managed through Sigma's rental brand, "Simple Life". The PRS REIT retains the right of first refusal over sites in the platform.
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."
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."