PRS REIT has bought three of its five target sites, committing to pay £60.3m in gross development costs.
The private rented family home specialist used the £55.6m it gained from an equity raise on 29 September.
The sites will deliver 383 new homes with an estimated rental value of a £3.6m pa. All three are already under construction, with the first homes due to be let from the end of February 2022.
PRS REIT said the two remaining sites would be bought early next year using debt facilities, which are yet to be arranged.
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