PRS REIT PLC (The) Trading Update (5267M)
17 Septiembre 2019 - 1:01AM
UK Regulatory
TIDMPRSR
RNS Number : 5267M
PRS REIT PLC (The)
17 September 2019
17 September 2019
PRSR.L
The PRS REIT plc
("Company" or "PRS REIT")
Trading Update
The PRS REIT, the closed-ended real estate investment trust
established to invest in new build, family homes in the private
rented sector ("PRS"), is pleased to provide an update on progress
since the close of the financial year, noting that the interim
report of Sigma Capital Group plc ("Sigma"), also published today,
comments on its PRS REIT-related activities. Sigma's subsidiaries
are Investment Adviser and Development Manager to the PRS REIT.
Progress since the start of the new financial year has continued
positively, in line with management expectations. A summary of this
progress to the end of 31 August 2019 is provided below.
At 31 August At 30 June
2019 2019
Number of completed PRS units 1,289 1,173
Estimated rental value of completed GBP11.76m GBP10.70m
units p.a. p.a.
Completed PRS units are on:
- completed sites 17 17
- part-completed sites 8 4
----- --------------------------------- ------------- --------------
At 31 August At 30 June
Total contracted* development 2019 2019
----------------------------------------- ------------- --------------
Number of completed and contracted*
sites 59 54
Number of completed and contracted*
units 4,718 4,369
Gross development cost of completed
and contracted* sites GBP734m GBP661m
ERV of completed and contracted* GBP46.0m
sites p.a. GBP41.0m p.a.
---------------------------------------- ------------- --------------
The number of completed homes as of 31 August 2019 stood at
1,289 across 17 fully-completed sites and eight part-completed
sites. The estimated rental value of these homes is GBP11.76m per
annum. At the end of August, 59 sites were either completed or
contracted for development, with the gross development cost
amounting to GBP734m. Once all of these sites have been fully
completed and let, the Company's annual rental income is expected
to rise to approximately GBP46.0m from an estimated 4,718
units.
Completed assets are performing well, with rental demand strong,
and key costs remain in line with management expectations.
Approximately 91% of the Company's total net funding is now in
deployment and the balance of c. GBP90m is committed to sites that
are expected to be contracted over coming months. The total
portfolio is now anticipated to comprise approximately 5,400 new
family homes, reflecting a combination of factors, including
increasing allocation to sites in the South East. The overall yield
target for 2022 at stabilisation remains at 5.5 pence per
share.
The Company will be publishing its audited full year results on
25 September.
*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
N+1 Singer Tel: 020 7496 3000
James Maxwell, James Moat, Ben Farrow
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. In April 2019, Sigma launched the Sigma
Scottish PRS Fund, the first dedicated vehicle to focus on the
creation of new rental homes for families in the private rented
sector in Scotland.
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
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