31 Jan 2018 07:00
31 January 2018
AIM: SGM
Sigma Capital Group plc
("Sigma" or "the Company" or "the Group")
The Private Rented Sector ("PRS") and urban regeneration specialist
Re: The PRS REIT plc
Sigma is pleased to highlight two announcements issued today by The PRS REIT plc ("PRS REIT"), the real estate investment trust established to invest in the Private Rented Sector. Sigma's wholly-owned subsidiary, Sigma PRS Management Limited, is Investment Adviser to the PRS REIT, sourcing investments and managing the assets of the PRS REIT, and advising it on a day-to-day basis in accordance with its Investment Policy.
The announcements cover the following:
• | the PRS REIT's proposed placing of up to 250 million shares; and |
• | the PRS REIT's maiden dividend, net asset value and credit approved terms for £200 million of debt facilities. |
Graham Barnet, CEO of Sigma, commented:
"This second share placing by the PRS REIT, which is targeting up to circa £250 million, should enable the delivery of thousands more new family homes to rent.
"As the PRS REIT's Investment Adviser, we have already assisted the PRS REIT in fully committing the funds from its first share placing, which raised £250 million at the end of May last year, and have sites currently allocated for development using the £200 million of debt facilities, for which credit approved terms have now been agreed.
"We are currently actively appraising over £540 million of additional development opportunities and therefore look forward to this next major step, which underscores Sigma's increasingly prominent role in housing delivery for the Private Rented Sector in the UK."
Enquiries:
Sigma Capital Group plc | Graham Barnet, Chief Executive | T: 020 3178 6378 (today) |
Malcolm Briselden, Finance Director
| T: 0333 999 9926 | |
KTZ Communications | Katie Tzouliadis, Irene Bermont-Penn, Emma Pearson | T: 020 3178 6378 |
N+1 Singer(NOMAD and Broker) | James Maxwell, Liz Yong, Michael Taylor | T: 020 7496 3000 |
NOTES TO EDITORS
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.
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 PRS REIT on a day-to-day basis in accordance with the PRS REIT's Investment Policy. The Investment Adviser is an appointed representative (reference number: 776293) of the AIFM.
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 PRS REIT 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.