PRS investor buys Shropshire site
Property investment trust PRS REIT has agreed a deal to acquire a development site in Telford once detailed planning approval is secured.
The investment trust, which specialises in the private rented sector, has revealed the purchase of four development sites this morning.
The Telford site, along with the other three which are in the North West of England, have a gross development cost of £68.2m.
The deals take PRS REIT’s portfolio to 3,000 family homes across 36 sites, with an estimated rental value of £28m a year once completed.
The delivery of the Telford site will be managed by the trust’s investment advisor, Sigma PRS Management, and Countryside Properties will be the construction partner.
