There’s been a strong start to the year for Build To Rent with news that a real estate investment trust dedicated to BTR has signed contracts over nine new sites. One is a newly-completed development of homes that has been acquired from Sigma PRS Management Limited, while seven others are development sites - some with construction already underway. The remaining site will comprise another fully-completed development at the point at which it is fully acquired. The nine sites are expected to deliver approximately 775 additional new family homes and provide a forecast £6.7m in rental income annually once completed and let. The PRS REIT, as the investment trust is called, now has 42 sites that are either completed or contracted; they will eventually host 3,575 rental units.
Real estate investment trust PRS REIT has given build-to-rent (Sigma PRS Management) a strong start to 2019, after signing contracts for nine additional sites. One, acquired from BTR, is a recently-completed development of homes, while another will be fully acquired on completion. The remaining seven are development sites. In total, they will provide around 775 homes and generate a predicted £6.7m ($8.6m) in rental income once occupied. The Sigma PRS Management-focused PRS REIT now has 42 finished or contracted sites, comprising 3,575 rental spaces.