PRS REIT

5 October 2020

PRSR.L

The PRS REIT plc

(the "Company" or "PRS REIT")

Acquisition of Newly-completed, Fully-let Development

The PRS REIT, the closed-ended real estate investment trust that invests in new-build homes for the Private Rented Sector, is pleased to announce the acquisition of a newly-completed, fully-let development of 31 homes in Birmingham, with a rental income of approximately £0.32m per annum, from Sigma Capital Group plc for approximately £5.9m.

The transaction brings the number of completed homes in the Company's portfolio to 2,559, providing an estimated rental value ("ERV") of approximately £23.5m per annum. A further 2,444 homes* are currently under way at varying stages of development, including two recently acquired development sites (118 homes when completed) at Hexthorpe, Doncaster. When fully completed and let, this delivery will take the Company's portfolio to 5,003 homes, with an ERV of approximately £47.6m per annum. 

The Birmingham development was acquired at the independent valuation determined by Savills. Located in Handsworth, the site comprises a mix of three and four bedroom family homes, and has been built to the same specification as other sites in the PRS REIT's portfolio.

The Company has five development sites under forward contracts for acquisition, once completed and fully let, from Sigma Capital Group plc. They comprise c. 125 new rental homes in total and have an ERV of c. £1.6m per annum.

Further information on the Company's housing delivery progress and asset performance will be available in the Company's full year results report, to be published on 6 October. 

*including Sigma Capital Group plc funded sites referred to above

For further information, please contact:

NOTES TO EDITORS

About The PRS REIT plc
(www.theprsreit.com)

The PRS REIT plc is a closed-ended real estate investment trust established to invest in the Private Rented Sector and to provide shareholders with an attractive level of income together with the potential for capital and income growth. The Company is investing £0.9bn in a portfolio of high quality homes for private rental across the regions, having raised a total of £500m (gross) through its Initial Public Offering, on 31 May 2017, and a subsequent placing in February 2018. Both fundraisings were supported by the UK Government's Homes England with direct investments.  

LEI:  21380037Q91HU97WZX58

About Sigma Capital Group plc
www.sigmacapital.co.uk

Sigma Capital Group plc ("Sigma") is a PRS, residential development, and urban regeneration specialist, with offices in Edinburgh, Manchester and London. Sigma's principal focus is on the delivery of large scale housing schemes for the private rented sector. The Company has a well-established track record in assisting with property related regeneration projects in the public sector, acting as a bridge between the public and private sectors.

Sigma has created an unrivalled PRS Platform, which sources sites and brings together construction resource to develop them, enabling Sigma to deliver an integrated solution to partners. As well as sourcing sites and managing all stages of the planning and development process, Sigma also manages the rental of completed homes through its award winning rental brand 'Simple Life'. The Company's subsidiary, Sigma PRS Management Limited, is Investment Adviser to The PRS REIT plc.

About Sigma PRS Management Limited

Sigma PRS Management Limited is a wholly-owned subsidiary of AIM-quoted Sigma Capital Group plc and is Investment Adviser to The PRS REIT plc. It sources investments and operationally manages the assets of The PRS REIT plc and advises the Alternative Investment Fund Manager ("AIFM") and The PRS REIT plc on a day-to-day basis in accordance with The PRS REIT plc's Investment Policy. The Investment Manager is G10 Capital Limited. Sigma PRS Management Ltd is an appointed representative of G10 Capital Limited, which is authorised and regulated by the Financial Conduct Authority (FRN:648953).