PRS REIT has acquired development site – PRS REIT (PRSR) has announced today that they have purchased four new development sites. Two of the sites will be acquired immediately and, for the other two, PRS has entered into a forward funding arrangement. The four acquisitions combined represent a total of 464 new family rental homes with a gross development cost of £68.2 million.
The two immediately acquired sites are located in Walkden, Salford and in Knowsley, Merseyside. When the buildings are constructed and fully let out, the 240 new homes will bring in around £2.1 million per annum. The homes have an anticipated completion by the first half of 2020. Sigma PRS Management Limited, who is PRS REIT’s investment advisor, has helped find these properties and will manage the development process along with Countryside Properties who is the construction partner.
The forward funded sites are located in Telford and Salford. The acquisitions will be finalized once PRS gets detailed planning approval. The estimated value of the 224 new homes is £2.1 million per annum. Sigma will manage the development and Countryside is the construction partner.
PRS will have a total of 36 sites after the most recent acquisition. The total gross development cost for the 3,000 new family homes is £452 million and they have an ERV of £28m per annum.
PRSR- PRS REIT has acquired development site