Investment Advisor

Sigma PRS Management Ltd

The Company’s Investment Adviser is Sigma PRS Management Ltd (“Sigma PRS”), a wholly owned subsidiary of Sigma Capital Group plc (“Sigma”).

Sigma is one of the leading providers of private rented family homes in England, and has pioneered a model that enables the large-scale delivery and management of new rental homes.

investment advisor hero

Sigma PRS sources sites for the Company to acquire and develop. These are typically sourced though the Sigma’s PRS property delivery and management platform, which combines building contractor partners, local authorities and governmental bodies. The Company has the right of first refusal on assets within Sigma’s PRS property platform.

All site acquisition opportunities, including those of completed developments, are assessed against the Company’s stated investment objectives, andare independently valued for the Company prior to purchase.

As well as sourcing and assessing suitable sites, Sigma PRS manages the planning and development processes, and the subsequent letting of completed new homes.

Homes are let under the ‘Simple Life’ brand, with marketing normally starting three months prior to new-build homes becoming available. This enables a pipeline of qualified, prospective tenants to be established and for homes to be occupied as they complete.

Senior team

  • member 2

    Graham Barnet


    Graham co-founded Sigma in 1996, and has been involved in investment and residential property development throughout his career. He is also the architect of The PRS REIT plc, the quoted first real estate investment trust to focus on new family rental homes.

    An experienced corporate financier and a qualified lawyer, Graham initially worked at Shepherd & Wedderburn and Noble Grossart. In 1994, he established Merchant Investments Ltd, a family investment vehicle, which specialised in large-scale residential development. Merchant Investments Ltd led the creation of the Winchburgh development, situated three miles west of Edinburgh. It is one of the largest single housing delivery sites in Scotland, with 3,500 new homes, five schools, a new town centre and railway station.

  • member 3

    Mike McGill


    Mike joined Sigma as Group Chief Financial Officer in 2020. As well as assuming executive responsibility for the overall financial management of the Group and its subsidiaries, he is responsible for financial matters relating to The PRS REIT plc.

    Mike has over 25 years of experience in senior financial roles at listed and private companies across a range of sectors, including residential, commercial and industrial property, international food manufacturing, logistics, warehousing and distribution. He has significant corporate finance and transactional experience, including in mergers and acquisitions. Mike qualified as a chartered accountant with Coopers & Lybrand in 1991.

  • Board template_0001_Mike

    Mike Scott

    Corporate Development Director and Group Legal Counsel

    Mike has significant experience providing corporate finance and structuring advice both as a lawyer and for several years as a partner of Newgate Partners, a corporate finance boutique he co-founded in 2003. Mike joined Sigma Capital in 2015 as Group Legal Counsel from UK law firm, HBJ Gateley where he was a partner in the firm’s corporate department specialising in equity funds. Mike previously advised Sigma in connection with its successful PRS joint venture with Gatehouse Bank in 2014.

  • member 4

    Duncan Sutherland


    Duncan joined Sigma in 2013 and has been instrumental in establishing and developing the Company’s Partnership model, and in particular its relationships with local government partners. He has extensive experience in urban regeneration, spanning residential, commercial, retail and community schemes.

    Duncan serves on the Capital Investment Advisory Board in the Department of International Trade (DIT) and on the Board of Homes England, the executive, non-departmental public body, sponsored by the Ministry of Housing, Communities & Local Government, which is spearheading the accelerated delivery of housing. He was previously a Non-Executive Director of the British Waterways Board and Scottish Canals and completed a six year term on the Board of HS2 Ltd.

  • member 5

    Gwynn Thomson


    Gwynn was appointed on to the main Sigma Board in 2011. He has over 26 years’ experience in the property markets, including property investment. In addition to his wide-ranging property experience, he has a well-established reputation for his technical ability. Prior to joining Sigma, Gwynn was a Director of Investment and Valuation at a leading property consultancy.

    He is a member of the Royal Institution of Chartered Surveyors and an honours graduate of Aberdeen University, where he studied Land Economy.

  • Board template_0004_Jason

    Jason Berry

    Regional Managing Director

    Jason has over 20 years’ experience fulfilling Technical Director roles in a number of national house builders; facilitating site identification and assessment of strategic and immediate land opportunities from inception through to build completion, for primarily the new build residential sector for open market and affordable housing providers. He brings a wealth of technical and planning experience to the team to aid the company in its continued site acquisition and project delivery.

  • Board template_0002_Graeme

    Graeme Reay MRICS

    Land Director, Sigma

    Graeme is a qualified chartered surveyor with over 25 years’ experience in the property industry, and has held a number of senior positions within private and PLC housing development companies across the land, commercial and project management sectors. He has significant experience in the management and delivery of the whole development process, from site identification through to completion. Graeme is Head of the Planning, Development and Environmental Professional Group Board of Royal Institute of Chartered Surveyors (“RICS”) in Scotland and is on the Editorial Board of RICS Scottish Surveyor magazine.

  • Board template_0003_Rob

    Rob Sumner MRICS

    Residential Investment Director

    A Chartered Surveyor and previously a Director of Investment and Development at Savills for 10 years where he specialised in residential investment agency selling and acquiring investments on behalf of institutions, private equity and family offices. Over 20 years experience in the regional residential marketplace.


The Company has appointed G10 Capital Limited as Alternative Investment Fund Manager (“AIFM”) pursuant to the AIFM Agreement. The AIFM is responsible for overall portfolio management and risk management of the Company and ensuring compliance with the Company’s Investment Policy and the requirements of the UK AIFM Regime and EU AIFMD that apply to the Company. No management function has been delegated by the AIFM.

The Company and the AIFM have appointed Sigma PRS Management Ltd as Investment Adviser pursuant to the Investment Advisory Agreement. The Investment Adviser is responsible for working with and advising the Company and the AIFM in respect of investment opportunities which meet the Company’s Investment Policy, as well as managing the underlying real estate assets within the Company’s investment portfolio (which does not constitute a regulated activity under FSMA). Sigma PRS Management Ltd is an appointed representative of G10 Capital Limited, which is authorised and regulated by the Financial Conduct Authority (FRN 648953).

For further information on Sigma, please visit the website.