Less Ads, More Data, More Tools Register for FREE

Pin to quick picksSGM.L Regulatory News (SGM)

  • There is currently no data for SGM

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Maiden Dividend, NAV and £200m Debt Facilities

31 Jan 2018 07:00

RNS Number : 4027D
PRS REIT PLC (The)
31 January 2018
 

31 January 2018

PRSR.L

 

The PRS REIT plc(the "Company" or the "PRS REIT")

 

Maiden Dividend, Net Asset Value and £200m Debt Facilities

 

Further to the PRS REIT's Quarterly Update, published on 10 January, the Company is pleased to announce its maiden dividend and Net Asset Value ("NAV"), and to confirm that credit approved terms have been agreed for £200 million of debt facilities.

 

In an additional announcement released today, the PRS REIT also announces that it plans to raise further funds through the issuance of ordinary shares under its Placing Programme, as set out in its Prospectus.

 

Maiden Dividend

 

The Board is pleased to declare a maiden dividend of 1.5p per ordinary share for the period to 31 December 2017. The dividend will be paid as an ordinary UK dividend around mid-March 2018 to shareholders on the register as at 16 February 2018. The ex-dividend date is 15 February 2018.

 

As previously reported, the Company is targeting a total dividend of 5.0 pence* per ordinary share for the period ending 30 June 2018, and 5.0 pence* per ordinary share for the year from 1 July 2018 to 30 June 2019. The stabilised dividend yield target is 6 per cent.* or more per annum and net total shareholder returns of 10 per cent.* or more per annum are being targeted post stabilisation.

 

Net Asset Value

 

As at 31 December 2017, the Company's unaudited EPRA NAV and IFRS NAV per ordinary share were 98.2 pence, which is in line with management expectations. The Company's opening EPRA NAV and IFRS NAV at IPO on 31 May 2017 were 98.0 pence per ordinary share.

 

Independent desk-top valuations were undertaken by Savills as at 31 December 2017.

 

Debt Facilities

 

The Company's Investment Adviser, Sigma PRS Management Limited, confirms that it has concluded its discussions with lenders to secure £200 million of debt financing and has agreed credit approved terms for the facilities on behalf of the PRS REIT, with final documentation underway. As previously reported, the debt facility is expected to be used to deliver a further 1,380 PRS homes on sites which have already been identified.

 

*This is a target only and not a profit forecast. There can be no assurance that the target can or will be met and should not be taken as an indication of the Company's expected or actual future results. Accordingly, potential investors should not place any reliance on this target in deciding whether or not to invest in the Company or assume that the Company will make any distributions at all and should decide for themselves whether or not the target dividend yield is reasonable or achievable. Target dividend yield target and net total shareholder returns are based on the IPO issue price of 100 pence per ordinary share.

 

For further information, please contact:

The PRS REIT plcSteve Smith, Non-executive Chairman

Tel: +44 (0)20 3178 6378

Sigma PRS Management LimitedGraham Barnet Graeme Hogg

Tel: +44 (0)333 999 9926

N+1 Singer James Maxwell, Liz Yong, James Hopton (Corporate Finance)

Michael Taylor (Corporate Broking)

Tel: +44 (0)20 7496 3000

 

Stifel Mark Young, Neil Winward, Tunga Chigovanyika

Tel: +44 (0)20 7710 7600

KTZ Communications

Katie Tzouliadis, Irene Bermont-Penn, Emma Pearson

 

Tel: +44 (0)20 3178 6378

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. In its Initial Public Offering, on 31 May 2017, the Company raised £250 million gross equity capital via a Placing, Offer for Subscription and Intermediaries Offer. The UK Government's Homes England (formerly Homes and Communities Agency) supported the launch of the PRS REIT with a direct investment of c. £25 million. The proceeds of the fundraising have now been fully committed to completed PRS sites and PRS development sites, with the objective of providing shareholders with an attractive level of income together with the potential for capital and income growth. The PRS REIT is now seeking to raise further funds via a proposed placing of new Ordinary Shares.

About Sigma PRS Management Limited

Sigma PRS Management Limited is a wholly owned subsidiary of AIM-quoted Sigma Capital Group plc and is the Company's Investment Adviser. It sources investments and manages the assets of The PRS REIT plc and advises the Alternative Investment Fund Manager ("AIFM") and the Company on a day-to-day basis in accordance with the Company's Investment Policy. The Investment Adviser is an appointed representative (reference number: 776293) of the AIFM.

About Sigma Capital Group plc(www.sigmacapital.co.uk)

Sigma Capital Group plc 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.

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
MSCLFFSILAIIVIT
Date   Source Headline
10th Aug 20217:00 amRNSCancellation - Sigma Capital Group Plc
9th Aug 20219:47 amRNSScheme Effective
9th Aug 20217:30 amRNSSuspension - Sigma Capital Group Plc
6th Aug 202110:48 amRNSForm 8.5 (EPT/RI)
5th Aug 20215:00 pmRNSForm 8 (DD) - Sigma Capital Group PLC
5th Aug 20215:00 pmRNSForm 8 (DD) - Sigma Capital Group PLC
5th Aug 20215:00 pmRNSForm 8 (DD) - Sigma Capital Group PLC
5th Aug 20215:00 pmRNSForm 8 (DD) - Sigma Capital Group PLC
5th Aug 20215:00 pmRNSRule 2.9 Announcement
5th Aug 20215:00 pmRNSForm 8 (DD) - Sigma Capital Group PLC
5th Aug 20212:51 pmRNSExercise of Options and Total Voting Rights
5th Aug 202111:51 amRNSCourt Sanction of the Scheme of Arrangement
4th Aug 20215:30 pmRNSSigma Capital Group
3rd Aug 202111:24 amRNSForm 8.5 (EPT/RI)
2nd Aug 202111:48 amRNSForm 8.5 (EPT/RI)
30th Jul 202111:28 amRNSForm 8.5 (EPT/RI)
29th Jul 202110:00 amRNSForm 8.5 (EPT/RI)
28th Jul 202111:55 amRNSForm 8.5 (EPT/RI)
28th Jul 202110:29 amRNSRule 2.9 Announcement
28th Jul 202110:25 amRNSForm 8 (DD) - Sigma Capital Group PLC
27th Jul 202110:17 amRNSForm 8.5 (EPT/RI)
26th Jul 20215:08 pmRNSPDMR Exercise of Options and Total Voting Rights
26th Jul 202112:04 pmRNSForm 8.5 (EPT/RI)
23rd Jul 20216:30 pmRNSResults of Court Meeting and General Meeting
23rd Jul 20211:02 pmPRNForm 8.3 - Sigma Capital Group Plc
23rd Jul 20219:10 amRNSForm 8.5 (EPT/RI)
21st Jul 202112:26 pmPRNForm 8.3 - Sigma Capital Group Plc
19th Jul 202112:15 pmPRNForm 8.3 - Sigma Capital Group Plc
16th Jul 202112:19 pmPRNForm 8.3 - Sigma Capital Group Plc
16th Jul 202111:41 amRNSForm 8.5 (EPT/RI)
16th Jul 20217:00 amRNS4,000th new rental home delivered for The PRS REIT
15th Jul 202112:33 pmPRNForm 8.3 - Sigma Capital Group Plc
14th Jul 202112:48 pmPRNForm 8.3 - Sigma Capital Group Plc
14th Jul 202112:15 pmRNSForm 8.3 - Sigma Capital Group plc
14th Jul 20217:00 amRNSRe: The PRS REIT plc – Fourth Quarter Update
13th Jul 20219:55 amRNSForm 8.5 (EPT/RI)
12th Jul 202110:49 amRNSForm 8.5 (EPT/RI)
9th Jul 20219:56 amRNSForm 8.5 (EPT/RI)
8th Jul 202112:25 pmPRNForm 8.3 - Sigma Capital Group Plc
8th Jul 20219:59 amRNSForm 8.5 (EPT/RI)
2nd Jul 20216:19 pmRNSForm 8 (OPD) Sigma Capital Group plc - Correction
1st Jul 20212:09 pmRNSHolding(s) in Company
30th Jun 202112:41 pmPRNForm 8.3 - Sigma Capital Group Plc
29th Jun 20215:34 pmRNSPublication of Scheme Document
29th Jun 202112:09 pmPRNForm 8.3 - Sigma Capital Group Plc
28th Jun 202112:15 pmPRNForm 8.3 - Sigma Capital Group Plc
28th Jun 202110:02 amRNSForm 8.5 (EPT/RI)
25th Jun 20211:54 pmPRNForm 8.3 - Sigma Capital Group Plc
25th Jun 20219:55 amRNSForm 8.5 (EPT/RI)
24th Jun 202111:06 amRNSForm 8 (OPD) - Sigma Capital Group plc

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.