Edinburgh’s Sigma hails ‘pivotal’ year as private rental sector builds nicely
0 Graham Barnet: successful launch of dedicated trust Sigma Capital Group has booked profits of more than £4 million after a “pivotal year” for the Edinburgh-based 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.
The past year saw the successful launch of a dedicated real estate investment trust (REIT) focused on the private rented sector.
Sigma is responsible for the delivery of the PRS REIT’S initial goal to create a £1 billionplus portfolio of 10,000 or so “high-quality, newly-built rental homes”.
Results for the 12 months to the end of December yesterday revealed a profit before tax of £4.06m, up from £3.67m a year earlier.
Graham Barnet, chief executive of Sigma, said: “It has been a remarkable year for Sigma. The successful launch of the PRS REIT, which is the UK’S first REIT dedicated entirely to investment in new rental homes, 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.
He added: “We are wholly focused on delivering the PRS REIT’S initial goal of creating an initial 10,000 highquality new rental homes for middle-income families, and are confident that, with our unrivalled PRS platform, supported by our house building partners as well as by central and local government, Sigma is well-placed to achieve its objectives.”
Revenues came in at £4.4m.