PRS REIT invests in Manchester and Merseyside – PRS REIT has announced that it has acquired three development sites, with a combined gross development cost of about £34.4m, and has purchased an additional completed PRS site for about £9.1m.
Development sites to provide 238 family homes
The three development sites comprise a site in Greater Manchester and two sites in Merseyside, that PRS REIT says will yield a total of 238 new family homes. It says that, once fully let, the properties are expected to generate an estimated rental value of £2.17m per annum. Sigma PRS Management Limited, the PRS REIT’s Investment Advisor, is to manage the delivery of the new homes, with Countryside Properties acting as the construction partner.
New developed site has 59 fully let family homes
The completed PRS site is situated in Greater Manchester and was acquired from Sigma Capital Group plc. It comprises 59 new, fully let, family homes and, according to PRS REIT, generates an estimated rental value of about £540,000 per annum.
25 sites acquired since launch; approximately 1,670 new homes
The latest acquisitions bring the total number of sites acquired by the PRS REIT, or currently under construction for, and on behalf of the PRS REIT, to 25, equating to approximately 1,670 new family homes. PRS REIT says that the gross development cost of these sites totals £239.3m and the new homes are expected to deliver an estimated rental value of £15.1m per annum.
Next quarterly update
The company says that it expects to provide its next quarterly update, for the three months ended 30 June 2018, in early July.
About PRS REIT
Launched in May 2017, PRS REIT ims to provide investors with an attractive level of income together with the prospect of income and capital growth through investment in a portfolio of newly constructed private rented properties comprising mainly family homes, to be let on Assured Shorthold Tenancies to qualifying tenants. PRS REIT’s strategy is for its properties to be located across multiple sites in key cities and towns across England with a focus on the main conurbations, and largest employment centres, outside of London. The locations closely follow the main road and rail infrastructure, including the proposed HS2 and HS3 rail network. PRS REIT is listed on the specialist funds segment of the London Stock Exchange.
PRS REIT invests £43.5m in Manchester and Merseyside : PRS