Sigma buys three English sites

Sigmacapitalgroup,theedinburgh-based urban regeneration and private rental specialist, has acquired three development sites in the new financial year to date.

The new sites, which are located in the north-west of England and the West Midlands – key locations for the firm – are expected to deliver an additional 214 new rental homes at a total development value of about £31 million.

They will be developed through Sigma’s private rented sector (PRS) delivery platform, with Countryside Properties undertaking construction, which is expected to be completed in 2019.

In addition to the newly acquired sites, the firm has four sites currently under construction for the PRS Reit’s (real estate investment trust) initial acquisition portfolio with a gross development cost of about £38m.

These are expected to be acquired by the trust by the end of 2018. A further four sites were completed and sold to the PRS Reit last year for £31.7m.

Sigma expects to make additional site acquisitions during 2018, with the developments providing the firm with rental income from completed homes during the delivery phase until the ultimate sale of the sites.

Graham Barnet, chief executive of Sigma, said: “We are very pleased to be announcing our acquisition of three additional sites, which will deliver a combined 214 new rental homes in the north-west and West Midlands.

“We expect to make further acquisitions in 2018 as we continue, with our partners, to drive the large scale construction of new rental homes across England.”

He has previously said that an expansion into the Scottish market has not been ruled out.