PRS REIT PLC (The) Q3 Trading Update (1247W)
15 Abril 2019 - 01:00AM
UK Regulatory
TIDMPRSR
RNS Number : 1247W
PRS REIT PLC (The)
15 April 2019
15 April 2019
PRSR.L
The PRS REIT plc
("Company" or "PRS REIT")
Third Quarter Update
The PRS REIT, the closed-ended real estate investment trust
established to invest in new-build homes in the Private Rented
Sector ("PRS"), is pleased to provide an update for the third
quarter of its financial year, which covers the three months to 31
March 2019.
The PRS REIT made good progress in the third quarter, with 49
development sites across England now under construction. The table
below summarises activity at the end of the quarter compared to the
previous quarter.
At
At 31 December
31 March 2019 2018
Number of completed and contracted*
-- sites 49 43
Number of completed and contracted*
-- units 3,951 3,575
-- GDC of completed and contracted*
sites GBP603.0m GBP530.0m
-- ERV of completed and contracted*
sites GBP37.3m GBP33.2m
-- Number of completed PRS units 944 775
By 31 March 2019, completed and contracted* development totalled
approximately GBP603m in gross development cost ("GDC"), which
equates to 3,951 new homes with an estimated rental value ("ERV")
of approximately GBP37.3m per annum when fully completed. Of the
3,951 homes, 944 were completed as at 31 March 2019, providing an
ERV of GBP8.6m per annum.
During the quarter, the PRS REIT entered into contracts to
acquire six new sites, two of which will be developed by the
Investment Adviser and sold to the Company at an independently
assessed investment value, once completed and fully let. Three of
the sites are located in the North West, two are in Suffolk and one
is in Bedfordshire. When completed, the homes are expected to
provide rental income of GBP4.2m per annum. Construction on four of
the new sites has commenced, with one site having already produced
its first homes.
Details regarding the payment of the Company's dividend for the
third quarter will be published at the end of April 2019. As
previously announced, the Company paid an interim dividend of 1.0p
per ordinary share for the second quarter of the current financial
year on 28 February 2019.
The PRS REIT's Investment Adviser, Sigma PRS, which is wholly
owned by Sigma Capital Group plc, has identified sites that will
fully utilise the Company's expected gross funds of GBP900m
(including debt), and continues to assess further development
opportunities.
*DEFINITIONS
Contracted refers to sites under construction (under a design &
build contract), which have been purchased by the PRS
REIT or the PRS REIT's Investment Adviser (forward sold
to the PRS REIT).
This announcement is released by The PRS REIT plc and contains
inside information for the purposes of Article 7 of the Market
Abuse Regulation (EU) 596/2014 ("MAR"), and is disclosed in
accordance with the Company's obligations under Article 17 of
MAR.
For further information, please contact:
The PRS REIT plc Tel: 020 3178 6378 (c/o KTZ Communications)
Steve Smith, Non-executive Chairman
Sigma PRS Management Limited Tel: 0333 999 9926
Graham Barnet, Graeme Hogg
N+1 Singer Tel: 020 7496 3000
James Maxwell, James Moat, Ben Farrow
Stifel Tel: 020 7710 7600
Mark Young, Neil Winward, Gaudi Le
Roux
G10 Capital Limited (AIFM) Tel: 020 3696 1302
Gerhard Grueter, Anthony Wood, Gaia
Udage
KTZ Communications Tel: 020 3178 6378
Katie Tzouliadis, Dan Mahoney
NOTES TO EDITORS
About The PRS REIT plc
(www.theprsreit.com)
The PRS REIT is a closed-ended real estate investment trust
established to invest in the Private Rented Sector and to provide
shareholders with an attractive level of income together with the
potential for capital and income growth. It has raised a total of
GBP500m (gross) through its Initial Public Offering, on 31 May
2017, and a subsequent placing in February 2018. Both fundraisings
were supported by the UK Government's Homes England with direct
investments.
LEI: 21380037Q91HU97WZX58
About Sigma Capital Group plc
(www.sigmacapital.co.uk)
Sigma Capital Group plc ("Sigma") is a private rented sector,
residential development, and urban regeneration specialist, with
offices in Edinburgh, Manchester and London. Sigma's principal
focus is on the delivery of large scale housing schemes for the
private rented sector. It has a well-established track record in
assisting with property-related regeneration projects in the public
sector, acting as a bridge between the public and private sectors.
Its subsidiary, Sigma PRS Management Limited, is Investment Adviser
to The PRS REIT plc.
About Sigma PRS Management Limited
Sigma PRS Management Limited is a wholly-owned subsidiary of
AIM-quoted Sigma Capital Group plc and is Investment Adviser to The
PRS REIT plc. It sources investments and manages the assets of The
PRS REIT plc and advises the Alternative Investment Fund Manager
("AIFM") and The PRS REIT plc on a day-to-day basis in accordance
with The PRS REIT plc's Investment Policy. The Investment Adviser
is an appointed representative (reference number: 776293) of the
AIFM.
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END
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