The PRS REIT has bought three development sites and a completed site in the north of England for £45.5m.
The three development sites – one in Greater Manchester and two in Merseyside – have a gross development cost of £34.4m and will deliver 238 homes. They are expected to generate an estimated rental value of £2.17m per annum once let.
Sigma PRS Management, investment advisor to the PRS REIT, will manage the delivery of the homes.
The completed PRS site in Greater Manchester was acquired from Sigma Capital and comprises 59 new, fully let homes.
In total, the PRS REIT has 25 sites under construction, giving the company a pipeline of 1,670 homes.
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