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. Upon launching The PRS REIT, Sigma had already successfully delivered over 2,100 build to rent homes, therefore the REIT benefits from the extensive experience and expertise of the Sigma team, whilst also benefitting from 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.
Sigma’s longstanding relationships with the public sector, in particular, Homes England (formerly the Homes and Communities Agency) (“HE”), combined with Sigma’s construction partners, principally Countryside Properties, and also Keepmoat, Engie and Galliford Try, ensure that we have a strong source of greenfield and brownfield development opportunities. All REIT 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.
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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.