PRS REIT buys four more North West sites

Real estate investment trust PRS REIT has bought a completed scheme and three development sites in Greater Manchester and Merseyside for a combined £43.5m.

The three development sites include two sites on Carr Lane, Prescot and on Earle Street in Newton-le-Willows, which include a total of 238 new homes. These will be managed by Sigma PRS Management and delivered by Countryside Properties as construction partner, and are expected to generate rental value of £2.2m per annum once let.

These three sites have a combined gross development value of £34.4m.

The completed scheme is at Howe Bridge Mill in Atherton, with a development value of £9.1m, has been acquired from Sigma Capital and includes 59 fully-let homes, generating a rental value of £540,000 per annum.

The latest acquisitions bring the total number of sites acquired by the REIT to 25, adding up to around 1,670 homes. These sites have a gross development value of £239.2m and are expected to deliver rental value of £15.1m per year.

These sites form part of the group’s wider aim to create a £1bn portfolio of 10,000 rental homes across the north of England.