The £900m fund set up by Sigma Capital Group in 2017 has acquired 123 fully-let homes in Walkden from investor Blackrock Real Assets, taking the number of properties in its portfolio to 3,163.
The newly acquired development, which will generate £1.16m of rent a year for the PRS REIT, was completed for Blackrock by Sigma Capital in June 2019.
The homes, bought for £19m, are located on Holyoake Road in Walkden and comprise a mix of 63 three- and four-bedroom houses and 60 two-bedroom apartments,
Sigma Capital has an additional 2,000 homes at different stages of development that are due to be completed next year. The pipeline homes would take the PRS REIT’s portfolio beyond 5,000 units with an estimated rental value of £50m a year once let.
Steve Smith, chairman of the PRS REIT, said: “The acquisition of this new development of brings the PRS REIT’s portfolio of completed assets to over 3,100 homes and accelerates income delivery.
“The company is now in the final stages of delivering its initial portfolio of approximately 5,200 rental homes, with around 2,000 homes currently in varying stages of development. They are expected to be completed in late 2021.”
Sigma Capital’s subsidiary, Sigma PRS Management, advised the PRS REIT on the investment and law firm CMS represented Blackrock.