PRS REIT, which invests in family rental homes, saw the pace of home completions rise “markedly” during the final months of 2020.
At the end of December, the number of PRS’s completed homes stood at 3,163, almost double that of a year earlier and up by a fifth quarter-on-quarter. The estimated rental value of the properties was £29.4m, up from £14.9m at the end of 2019.
The homes secured during the quarter include 123 in Manchester bought from BlackRock Real Assets in a £19m deal in December.
The REIT said it is now “well into the final stages” of delivering an initial portfolio of some 5,200 homes with a rental value of £50m.
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