Real estate investment trust sets dividend

PRS Reit, the real estate investment trust established to invest in new-build homes in the private rented sector, has announced an interim dividend of 1p per share.

The shareholder payout will comprise of a property income distribution (PID) of 0.5p in respect of the company’s tax exempt property rental business and a non-pid dividend of 0.5p.

The firm is targeting a total dividend of 5p per ordinary share for the period from launch to 30 June, and 5p for the full year from 1 July to 30 June 2019.

Edinburgh-based Sigma Capital Group is responsible for the delivery of PRS Reit’s initial goal to create a £1 billion-plus portfolio of 10,000 or so “high-quality, newly-built rental homes”.

Last week, Sigma booked profits of more than £4 million after a “pivotal year” for the urban regeneration and private rental specialist.

The firm said its growth and earnings profile had been “significantly transformed” through its focus on major rental homes projects south of the Border.

Chief executive Graham Barnet said: “It has been a remarkable year for Sigma Capital Group. The successful launch of the PRS Reit has created a huge opportunity for the group to capture, and cements our position as a leader in the private rented sector.

“2017’s results do not reflect the profound change to Sigma’s growth prospects and earnings profile. However our financial performance from the new financial year onwards will reflect the new model.” 0 Sigma Capital Group is led by boss Graham Barnet