PRS REIT has signed contracts for nine PRS developments with a gross development value of £107.7m.
It has purchased one completed site, seven developments and forward-funded a further site, which it will acquire after completion.
The completed sites were bought from the developer Sigma, which manages PRS REIT and provides exclusive access to sites built via its PRS platform.
The new sites, including developments, are expected to deliver around 775 homes with annual rents forecasted at £6.7m, reflecting a yield of 6.2%.
PRS REIT paid £11.7m for a completed 73-home scheme in Salford. It has forward-funded a 72-home scheme near Wakefield, with a gross development value of £9.2m.
Seven further developments in Wolverhampton, Rochdale, Wigan and Runcorn will deliver 630 homes with a combined gross development cost of approximately £87.3m.
PRS REIT now has 42 sites either completed or contracted, equating to 3,575 homes valued at approximately £530m. The homes are expected to generate a combined income of £33.2m per annum, an overall yield of 6.3%.
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