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Investment fund passes 2,000th rental home milestone

A closed-ended real estate investment trust has announced the completion of the 2,000th home for its portfolio.

The PRS REIT was established to provide investment for the delivery of private rented sector homes.

The 2,000th property, a three-bedroom house in St Helens, Merseyside, was originally due to be completed at the end of March but was delayed due to the coronavirus crisis.

Let under the 'Simple Life' rental brand, the property is part of Abbotsfield, a development of 102 family homes, which the fund says is well-located, close to good primary schools, transport links and local amenities.

The PRS REIT says passing the 2,000th home milestone marks its increasing presence as a leading provider of new, high-quality, family rental homes in a part of the UK housing market which is one of the most undersupplied.

The fund has a further 2,9000 homes in various stages of development across the North West, the Midlands, Yorkshire, the North East and the South of England.

Sigma PRS Management Limited, part of the Sigma Capital Group, is the PRS REIT's investment adviser, responsible for sourcing and securing development sites, overseeing the planning and construction processes, while also managing assets.

Homes are delivered through Sigma’s property platform which comprises relationships with housebuilding partners, local authorities and Homes England. The PRS REIT retains the right of first refusal over sites on the platform.

"We have reached this milestone in just under three years and a further 2,900 family rental homes are at various stages of development across England," says Steve Smith, chairman of the PRS REIT.

"There is a critical need for quality rental homes for families, and we look forward to continuing to play our part in meeting demand for this important but highly underserved sector of the housing market."

Graham Barnet, chief executive of Sigma Capital Group, adds: "The pace at which we have been able to deliver new homes reflects the effectiveness of our property platform, which brings together both land and construction resource."

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