Specialist investor buys £10m PRS scheme
A newly-completed PRS scheme in Smethwick has been bought by a specialist investor from Sigma Capital for £10.3m.
PRS REIT, real estate investment trust established to invest in new-build homes in the private rented sector (PRS), is the new owner of 63 homes at Galton Lock.
The properties are part of a wider development of 180 two, three and four-bedroom homes built by Countryside in partnership with Sigma Capital that was launched last year. The PRS element generates annual rent of £600,000.
It forms part of a flurry of deals between the two companies.
PRS REIT has also signed forward purchase agreements with Sigma Capital to buy two further PRS sites that are currently being developed. The two sites – a 50-unit scheme in Nuneaton and 28 units in Harlow, Essex – are expected to be completed in the second half of 2019. The combined rental value is estimated at £1.1m per year.
Other deals see PRS REIT acquire a 145-home development site in Wigan and a 94-unit development site in Harlow.
Following the acquisitions, the PRS REIT has 30 sites, either completed or under construction, which total 2,130 new family homes.