SGM.L Share News (SGM)

(Sharecast News) - Residential development and urban regeneration firm Sigma Capital has launched a joint venture with EQT Real Estate to deliver "high quality, new-build homes" for private rental in Greater London.
Sigma said on Tuesday that the joint venture, supported by UK government housing agency Homes England, was targeting an initial portfolio of roughly 3,000 homes, with a value in excess of £1.0bn.

The AIM-listed firm noted that the sites will be predominantly located in Zones 3-6, in close proximity to transport links, including train access to central London, and were expected to be built and completed over a period of at least five years.

Under the partnership terms, EQT and Sigma will commit £300.0m and £16.0m, respectively, and will be launched with the acquisition of five sites from Countryside Properties.

Chief executive Graham Barnet said: "Homes England, which has supported Sigma with every major initiative to deliver the new housing that is much needed across the country, is also providing invaluable backing to the JV.

"Once again, Homes England is proving its commitment to supporting organisations looking to deliver homes at scale in the UK."

As of 0935 BST, Sigma shares were up 12.37% at 110.12p.