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A new trust investing in the private rented sector (PRS) acquired 50 homes for £7.3m and entered into its first design and build contract, according to its maiden update.
The PRS REIT (real estate investment trust), admitted to the stock exchange in May of this year, acquired the 50 homes from Sigma Capital Group, the investor that launched the trust.
The company’s investment strategy is to focus on sites in towns and cities in England outside London and to follow rail and road infrastructure, and so the site in Halewood is a commuting area for Liverpool city centre.
The PRS REIT also entered into its first design and build contract with Countryside for homes in Rochdale, with a gross development cost of around £16m. It expects to sign five more contracts in the coming months, worth about £53m.
Civitas, the social housing REIT, recently passed £200m of investment in the social housing sector.
Steve Smith, chair of the REIT, commented: “We are very pleased with the PRS REIT’s strong start since its launch at the end of May, with the PRS REIT having hit its early milestones.
“The company remains very well positioned for continuing progress, with further design and build contracts in preparation and additional opportunities under review alongside the existing planned roll-out.
“Demand for new family rental homes, our core target market, remains buoyant and we expect our high quality, professionally managed new homes to help fulfil the growing shortage of rental housing stock.”