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The PRS REIT acquires four new sites
Closed-ended real estate investment trust, The PRS REIT, has acquired a further three development sites with a combined gross development cost of £34.4m, and purchased an additional completed PRS site for £9.08m.
The London-listed specialist fund said all sites were independently valued by Savills.
It said the three development sites comprised a site in Greater Manchester and two sites in Merseyside, which would yield a total of 238 additional new family homes.
Once fully let, the properties were expected to generate an estimated rental value of £2.17m per annum.
Sigma PRS Management, the PRS REIT's investment advisor, would manage the delivery of the homes, with Countryside Properties as the construction partner.
The completed PRS site was situated in Greater Manchester, the board explained, and was acquired from Sigma Capital Group.
It comprises 59 new, fully let, family homes and generated an estimated rental value of £0.54m per annum.
"The acquisitions bring the total number of sites acquired by the PRS REIT, or currently under construction for, and on behalf of the PRS REIT, to 25, equating to approximately 1,670 new family homes," the board explained in its statement.
"The gross development cost of these sites totals £239.3m and the new homes are expected to deliver an ERV of £15.1m per annum."
The PRS REIT said it expected to provide its quarterly update for the three months ended 30 June in early July.