PRS REIT adds nine more sites as acquisitions continue

The PRS REIT, the fund set up to invest in new-build private rented sector housing, has confirmed the purchase of nine more sites including a completed 73-home development in Little Hulton for £12m.

The fund’s largest purchase in the North West is the site in Little Hulton, which has been bought from Sigma PRS Management Limited, part of Sigma Capital, for £11.7m.

The development on the former Our Lady’s Primary School, which started construction in July 2017, features a mix of two, three, and four-bed houses, and has now been completed, with an estimated rental value of £700,000 per year.

Along with the completed site in Little Hulton, the REIT has also acquired sites in Rochdale, Wigan, and Runcorn. Along with further sites in Wolverhampton, these will deliver around 630 homes with a combined value of £87.3m, as well as a rental income of £5.4m per year.

The REIT has also agreed to acquire another site from Sigma, this time in Wakefield, which is due to complete in the coming months.

Combined, these acquisitions mean the REIT has 42 sites either contracted or completed, adding up to nearly 3,600 homes with a combined value of £530m. Once completed and let, these homes are expected to generate a combined rental income of £33.2m per year.