PRS REIT Aerial

PRS REIT picks up four more sites

The PRS REIT has continued its acquisition spree, signing contracts for four additional sites over the course of January.

Three of the sites are development sites, with the fourth to be acquired once fully completed. The REIT said that the sites are expected to deliver approximately 310 new family homes and yield £3.7m per year in rental income once developed and let. The gross development cost of the sites is approximately £62m.

The total number of sites either completed or contracted now stands at 47, equating to a possible 3,882 new homes. The total GDC of these 47 sites is approximately £591m, and the total rental income is forecast to be £36.7m per year.

In a separate announcement issued today, the company declared an interim quarterly dividend of 1p per share for the final quarter of 2018. The PRS REIT’s interim results for the period to 31 December 2018 are to be published on 12 March.

The PRS REIT, which is advised by Sigma PRS Management, was set up in 2017 to create a portfolio of newly-built rental homes. It raised £250m at IPO and the same amount through a second equity placing in early 2018, also agreeing a £250m debt facility in summer 2018.

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