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- PRS REIT buys two sites and agrees to buy a further three
PRS REIT buys two sites and agrees to buy a further three – The PRS REIT (PRSR) has announce that it has acquired a development site for the construction of 145 new family rental homes, with a gross development cost of c. £15.2m, and purchased a newly-completed Private Rented Sector (PRS) site, comprising 63 family homes for c. £10.3m.
The development site is located in Wigan, in Greater Manchester
The newly-completed PRS development is situated in Smethwick, near Birmingham city centre
In addition, the company has agreed a forward contract to acquire a development site in Harlow, Essex
The PRS REIT has also signed forward purchase agreements with Sigma Capital to acquire two further PRS sites that are currently being developed.
The PRS REIT is a closed-ended real estate investment trust established to invest in new-build homes in the Private Rented Sector (“PRS”). After these aquisitions and developments the company will have 30 sites, either completed or under construction, which equates to approximately c. 2,130 new family homes.
The approximate gross development cost of these sites is £331.0m and the homes have a combined ERV of c. £20.5m per annum.
PRSR : PRS REIT buys two sites and agrees to buy a further three