Sigma has acquired three PRS development sites to deliver 214 rental homes in the North West and the West Midlands.
The sites, which have a total gross development cost of £31m, will be developed through Sigma’s PRS delivery platform, with Countryside undertaking construction.
PRS REIT, which Sigma launched last May, will have exclusive access to buy the developments when they complete in 2019.
Sigma also has four sites under construction for the PRS REIT’s initial acquisition portfolio with a GDC of £38m, which the REIT is expected to acquire by the end of 2018.
Another four developments have already completed and sold to the REIT for £31.7m.
Graham Barnet, chief executive of Sigma Capital, said: “The completed sites are designed exclusively for the PRS REIT, with our new homes built with the needs of families foremost in mind.
“We expect to make further acquisitions in 2018 as we continue, with our partners, to drive the large scale construction of new rental homes across England.”
