Sigma delivers 4,000th rental home for PRS REIT

The AIM-traded firm said the delivery, effected through its private rented sector (PRS) property platform, took the total estimated rental value of the PRS REIT's portfolio to about £37.7m per annum.

As at 30 June, 1,096 additional homes were at various stages of development, as delivery approached the PRS REIT's initial target of 5,200 homes, with an estimated rental value of around £50m per annum.

The 4,000th home was a three-bedroom house at the Duttonfields development on Deeside, close to Chester.

It was part of a scheme of 99 “high-quality” family homes, with an estimated rental value of around £870,000 per annum.

The house was let under Sigma's 'Simple Life' rental brand, and, in common with other PRS REIT sites, was located close to transport links, good primary schooling and local amenities.

As investment adviser to the real estate investment trust, Sigma said its subsidiary, Sigma PRS Management, sourced suitable investments and development sites, oversaw the planning and construction processes, and managed the trust’s assets, in accordance with its investment policy.

Sigma's private rented sector property platform, which comprises relationships with housebuilding partners, local authorities and Homes England, had enabled the “rapid progress” of the PRS REIT.

“The delivery of the PRS REIT's 4,000th rental home marks another significant milestone as we approach the REIT's initial target of 5,200 homes,” said Sigma chief executive officer Graham Barnet.

“It also underlines Sigma's position as the leading delivery provider of new-build family rental homes in the UK.

“With over 1,000 further homes under way, we look forward to reaching the REIT's target by early 2022.”

At 1042 BST, shares in Sigma Capital Group were down 0.99% at 200p.