LONDON (Alliance News) - Private-rented sector property specialist Sigma Capital Group PLC on Friday said it has launched the first phase of its self-funded portfolio in Merseyside, north west England.
Sigma said the total project will cover at least 225 new rental homes with a total development cost of around GBP25.0 million, while the first phase will include a GBP5.8 million development of 49 new homes.
The remainder will be launched over the course of 2016, it said.
The 49 new homes will be located at a single site in Merseyside and will mainly comprises three-bedroom family homes. The construction will be fully-completed by the end of July 2016 and the homes are expected to generate a gross annual rental income of GBP420,000.
Two further sites in Greater Manchester have also been identified to be part of the initial launch phase for Sigma and will start in the first quarter of 2016.
"I am delighted to be launching the first phase of construction of our own self-funded new homes for the private rental market. We are using our existing PRS platform to create a substantial portfolio of PRS assets on our own balance sheet," said Chief Executive Graham Barnet.
Shares in Sigma were up 2.4% to 75.00 pence on Friday morning.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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