Property trust snaps up three development sites

The PRS Reit real estate investment trust has acquired a further three development sites south of the Border.

The trust, which was established to invest in new-build homes in the burgeoning private rented sector (PRS), said the sites – one in Greater Manchester and two in Merseyside – would yield a total of 238 additional new family homes. The sites have a combined gross development cost of about £34.4 million.

Once fully let, the properties are expected to generate an estimated rental value of just under £2.2m per annum.

Sigma PRS Management, the PRS Reit’s investment advisor, will manage the delivery of the homes, with Countryside Properties as the construction partner.

The trust has also purchased an additional completed PRS site for just over £9m. The site, in Greater Manchester, was acquired from Edinburgh-based Sigma Capital Group.