Nearly 2,000 rental homes in offing amid £250m share placing

Real estate investment trust PRS REIT is bidding to raise about £250m for 1,720 new rental homes in the North West, West Midlands and South Yorkshire.

Sigma’s wholly-owned subsidiary, Sigma PRS Management Ltd, which has offices in Manchester, Edinburgh and London, is investment adviser to the PRS REIT.

The placing follows PRS’ initial public offering (IPO) in May, 2017, which then raised £250m.

PRS chairman Steve Smith said:“The PRS REIT has made strong progress since its IPO eight months ago, when we raised £250m to invest in new rental homes across the regions in England.

“Having fully committed these funds, we are delighted to be launching a second share placing, which could raise up to £250m. The proceeds from this placing will enable us to continue to deliver more high quality rental homes for middle-income families.

“There is an urgent need for new rental homes across the country and we see our professionally managed, well-designed, new properties playing an important part in satisfying that demand, while also creating new, vibrant communities.”