4000th new rental home complete!

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 the 4,000th new rental home for its portfolio, which the Company believes is the largest build-to-rent single family rental portfolio in the UK.

The completion of the 4,000th home marks the latest major milestone in the PRS REIT’s development, and takes the total estimated rental value (“ERV”) of its portfolio to approximately £37.7m. At 30 June 2021, 1,096 additional homes, at varying stages of development, were under way for the PRS REIT, as the Company progresses towards its initial target of approximately 5,200 high-quality homes, with an ERV of approximately £50.0m per annum.

The Company’s 4,000th home is a three-bedroom house at its Duttonfields development on Deeside, close to Chester. It is part of a development of 99 high-quality family homes, with an ERV of approximately £870,000 per annum. The house is let under the ‘Simple Life’ rental brand, and, in common with other PRS REIT sites, is located close to transport links, good primary schooling and local amenities.

Steve Smith, Chairman of The PRS REIT plc, said:

“I am delighted that The PRS REIT plc’s portfolio now stands at 4,000 new homes – the largest build-to-rent single family rental portfolio in the UK. There is huge demand for our high-quality, professionally-managed family rental homes, and we are pleased to be creating new homes across the regions that help to fulfil a critically underserved segment of the UK population.”

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