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Sat December 15 2018

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Countryside in for four more PRS developments

30 Nov Countryside Properties has been contracted to build four build-to-rent developments with a total gross development cost of £68.2m.

Sigma and Countryside signed up to a PRS partnership in December 2014
Sigma and Countryside signed up to a PRS partnership in December 2014

The four sites, in Knowsley, Telford and two in Salford, are anticipated to deliver a total of 464 new family rental homes.

PRS REIT, a real estate investment trust established to invest in new-build homes in the private rented sector (PRS), has signed contracts to acquire sites in Walkden (Salford) and in Knowsley immediately and has entered into forward contracts for the other two sites.

Sigma PRS Management, investment advisor to PRS REIT, has sourced the sites and will manage the delivery of the new homes, with Countryside Properties as construction partner.

The private rented sector is a major focus for Countryside Properties. It has already built more than 2,000 new homes in partnership with Sigma Capital in the northwest and the Midlands, and it plans to expand this relationship to deliver a further 5,000 PRS homes over the next three years.

PRS REIT raised £500m through an initial public offering in 2017 and a subsequent placing in February 2018. Both fundraisings were supported by the Homes England with direct investments. It now has 36 sites that are either completed or contracted, equating to approximately 3,000 new family homes and a gross development cost of around £452m.

MPU

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