The Investment Adviser (Sigma PRS Management Ltd) is a wholly owned subsidiary of Sigma Capital Group plc (“Sigma”), one of the leading providers of private rented family homes in England. Sigma have already successfully delivered over 1700 build to rent homes and the REIT will benefit from the extensive experience and expertise of the Sigma team.
Currently operating in the North West of England, South Yorkshire and the Midlands, Sigma is focused on the delivery of large scale residential development for the Private Rented Sector. Unlike most, Sigma has concentrated on the delivery of traditional housing which it believes has a broader spectrum of demand and a lower level of letting risk.
Sigma has to date delivered three Private Rented Family housing initiatives. The first initiative was for Gatehouse Bank plc, a Kuwaiti backed Investment Bank, with debt provided by Barclays Bank plc. This is now complete and successfully delivered 918 new homes across Greater Manchester and Merseyside. The second, UK PRS Properties Fund, financed principally by the Kuwait Investment Authority with institutional shareholders from the State of Kuwait, when complete will comprise a further c.684 homes to rent, spread across eight sites including its first site in the Midlands. The most recent Sigma PRS Property initiative is the building of Sigma’s own PRS property assets using its own equity.
Sigma’s longstanding relationships with the public sector, in particular, Homes England (formerly “HCA”), combined with Sigma’s construction partners, Countryside Properties and Keepmoat ensure that we have a strong source of greenfield and brownfield development opportunities. All homes are let under the “Simple Life” brand, supported by our in-house marketing team which provides a consistency of message and representation.
The marketing process starts three months prior to the first houses becoming available to enable the platform to build a pipeline of qualified prospective tenants, who move in to the units as they complete. So successful is this approach, that on average the sites are fully let and stabilised within one month of completion. Throughout 2017 the platform let an average of 91 units per month at rents in excess of forecast.
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G10 Capital Limited has been appointed as AIFM pursuant to the Management Agreement under which it is responsible for overall portfolio management and compliance with the Company’s investment policy providing AIFM services, ensuring compliance with the requirements of the AIFMD that apply to the Company, and undertaking all risk management. The Manager has appointed the Investment Adviser to manage the assets of the Company and advise the Company on a day-to-day basis in accordance with the investment policy of the Company pursuant to the Investment Advisory Agreement.
G10 Capital Limited forms part of the Lawson Conner Group which provides services to the global asset management and financial services industry. The services it offers include AIFM services, regulatory hosting, alternative investment management, delegated risk services and advisory services as well as regulatory and compliance outsourcing. No management function has been delegated by the AIFM. G10 Capital is authorised and regulated by the Financial Conduct Authority of the United Kingdom.