The PRS investor has secured a £200m debt facility with Lloyds Bank and Scottish Widows bringing its funds for development sites up to nearly £1bn.
The investor now has 49 development sites under construction which will collectively deliver around 5,600 homes for private rent. The £900m will be fully committed to these sites, which are across the country although a significant number are in the North West. The 5,600 homes are expected to generate a rental value of £57m a year once complete.
Earlier this year, the company added 13 more sites to its portfolio in a mix of new-build development sites and sites it will acquire once complete. These include development opportunities in Rochdale, Wigan, and Runcorn, as well as the 73-home, £12m development at the former Our Lady’s Primary School in Little Hulton.
Last week, the investor also completed its 1,000th home, located at Prescot Park in Merseyside.
Steve Smith, chairman of the PRS REIT, said: “The PRS REIT has been a trailblazer in the private rental sector, and a further 3,200 or so new homes are currently under construction through our partners. Family rental housing remains critically short of current and projected demand, and we are pleased to be playing a part in delivering a high-quality solution.”
The facility was negotiated by Sigma PRS Management.