William Eichler 05 May 2017

Whitehall invests £25m in housing trust

The Government’s Homes and Communities Agency (HCA) has agreed to invest up to £25m in a real estate investment trust (REIT).

Sigma Capital, a closed-ended real estate investment trust established to invest in the Private Rented Sector (PRS), has confirmed the HCA’s direct investment, which amounts to 9.99% of the Gross Issue Proceeds.

The investment is designed to deliver private rented sector houses which will be mainly family homes let on Assured Shorthold Tenancies as defined in the Housing Act 1988.

The properties will be located across sites in cities and towns in England with a focus on the main conurbations, and largest employment centres, outside London. They will be located near main rail and road infrastructure, including the HS2 and HS3 rail networks.

‘Demand for high quality, professionally managed new rental homes, especially family homes, is strong and growing,’ said Stephen Smith, chairman of the PRS REIT plc.

‘This reflects the structural undersupply of homes in the UK and the growth in the private rented sector.

‘The PRS REIT has been formed to invest in a portfolio of newly constructed, primarily family homes, across the main conurbations and largest employment centres in England, outside London.’

‘We are also delighted to have the support of the UK Government through a direct investment by the Homes and Communities Agency of up to £25m and look forward to the flotation of The PRS REIT at the end of May,’ he said.

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