The PRS REIT, the closed-ended real estate investment trust established to invest in new-build homes for the Private Rented Sector ("PRS"), is delighted to announce the completion of its 1,000th new home, approximately 23 months after the Company was launched.
This milestone underlines the PRS REIT's rapidly emerging position as the leading provider of new-build, family rental homes, a severely undersupplied sector of the UK housing market. Tenants are typically middle-income, families and young couples.
The 1,000th home is located at the Company's Prescot Park development in Prescot, Merseyside. The development comprises 140 homes, offering a choice of 2, 3 and 4 bedroom properties. It fits the PRS REIT's model of developing new homes close to good primary schools and major transport links. Homes are let under the 'Simple Life' brand, which is seeking to set a new standard of customer care in the rental market, providing amongst other things a twenty-four hour customer service phone line and promoting community events.
Earlier this year, the PRS REIT met its initial target of committing all of its expected funds of £900m (gross) to new developments. This should fund the delivery of approximately 5,600 new rental homes and yield an estimated rental value of £57m per annum upon completion.
Sigma PRS Management Limited, part of Sigma Capital Group plc, is Investment Adviser to the PRS REIT, and responsible for sourcing and managing the PRS REIT's assets.
Steve Smith, Chairman of the PRS REIT, said:
"We are delighted to report that the 1,000th home for the PRS REIT has now been completed, and to welcome our new tenants. The PRS REIT has been a trailblazer in the private rental sector, and a further 3,200 or so new homes are currently under construction through our partners. Family rental housing remains critically short of current and projected demand, and we are pleased to be playing a part in delivering a high quality solution."