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LONDON (Alliance News) - PRS REIT PLC said Friday it bought four sites in the private rented sector for GBP43.5 million in total.
The real estate investment estate trust acquired three development sites for GBP34.4 million and one completed site for GBP9.1 million.
The development sites, one in Manchester and two in Merseyside, England, are expected to generate rental value of GBP2.2 million per year.
The fourth completed site, located in Manchester, England, was acquired from Sigma Capital Group PLC. It generates GBP540,000 a year from the rent of its 59 family homes.
The acquisitions took the total number of PRS REIT sites to 25.
"The gross development cost of these sites totals GBP239.3 million and the new homes are expected to deliver an estimated rental value of GBP15.1 million per annum," the company said.
In a separate announcement, residential development firm Sigma Capital Group noted the sale.
"Sigma has a further six private rented sector sites currently under construction under a forward purchase agreement with the PRS REIT upon completion," Sigma said.
PRS shares were trading up 0.2% at 102.15 pence, while Sigma shares were up 1.9% at 136.00p.