Sigma, the private rented sector specialist, has acquired three sites in the West Midlands and North West to deliver around 200 new homes.
The total gross development cost of the new homes, including land acquisition, is around £27m.
The three new sites are located in Mafeking Road, Birmingham; Howe Bridge Mill, near Atherton in Lancashire; and Hinkshay Road, Telford and will comprise a mix of two-, three- and four-bedroom rental family homes.
They take the total number of Sigma’s developments to seven and extend Sigma’s self-funded portfolio into the Midlands region. Once the homes have been completed, the developer’s PRS portfolio will total around 420 units, located across Birmingham, Greater Manchester, Liverpool, Sheffield and Shropshire.
The delivery of these sites is being facilitated by the £45m revolving credit facility agreed with the Homes and Communities Agency in September. Sigma expects to acquire further sites, deploying the HCA facility, to create a self-funded portfolio with a total gross development cost in excess of £60m.
Sir Edward Lister, chairman of HCA, said: “Our £45m loan from the Home Building Fund will mean that working with Sigma Capital, we will help thousands of families in the North and Midlands move into a new, high-quality rented home. Sigma Capital has already delivered its first homes and more than 370 more homes are to follow over the next 12 months.”
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