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.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

TSTVZLFFKZFEBBZ

(END) Dow Jones Newswires

April 15, 2019 02:00 ET (06:00 GMT)

Prs Reit (LSE:PRSR)
Gráfica de Acción Histórica
De Feb 2024 a Mar 2024 Haga Click aquí para más Gráficas Prs Reit.
Prs Reit (LSE:PRSR)
Gráfica de Acción Histórica
De Mar 2023 a Mar 2024 Haga Click aquí para más Gráficas Prs Reit.