PRS Reit (The) (PRSR)

Sector:

Property Investment Trusts

Index:

FTSE Small Cap

105.00p
   
  • Change Today:
      0.50p
  • 52 Week High: 107.50
  • 52 Week Low: 71.00
  • Currency: UK Pounds
  • Shares Issued: 495.28m
  • Volume: 5
  • Market Cap: £520.04m
  • RiskGrade: 101

PRS REIT adds two new sites to portfolio

By Josh White

Date: Thursday 20 Sep 2018

LONDON (ShareCast) - (Sharecast News) - Closed-ended real estate investment trust, the PRS REIT, has acquired a development site for the construction of 145 new family rental homes with a gross development cost of £15.2m, it announced on Thursday, and purchased a newly-completed private rented sector site, comprising 63 family homes, for £10.3m.
The London-listed specialist fund said the development site was located in Wigan, in Greater Manchester, and was expected to generate around £0.95m of rental income per annum once fully let.

Construction on the site was expected to be completed in the first half of 2020.

Sigma PRS Management, the PRS REIT's investment advisor, had sourced the investment and would manage the delivery of the new homes, with Countryside Properties designated as the construction partner.

"The newly-completed private rented sector development is situated in Smethwick, near Birmingham city centre, and has been acquired from Sigma Capital Group," the board said in its statement.

"It generates an annualised rental income of £0.6m per annum from a mix of two, three and four bedroom homes.

"It was independently valued by Savills."

In addition, the PRS REIT said it had agreed a forward contract to acquire a development site in Harlow, Essex for a further 94 units, with a total delivery cost of £27.3m.

The estimated rental value of those homes once let was £1.6m per annum.

As in the other transaction, Sigma PRS Management would manage the delivery, with Countryside Properties as construction partner.

"The PRS REIT has also signed forward purchase agreements with Sigma Capital to acquire two further PRS sites that are currently being developed," the board added.

"The two sites, in Nuneaton in the West Midlands, and Harlow, Essex, will comprise 50 and 28 units respectively, and are expected to be completed in the second half of 2019.

"The combined estimated rental value is £1.1m per annum."

Following the acquisitions, the PRS REIT has 30 sites, either completed or under construction, equating to around 2,130 new family homes.

The gross development cost of those sites was £331.0m, and the homes had a combined estimated rental value of £20.5m per annum.

"The company expects to publish its audited results for its maiden financial period, covering the 13 months to 30 June, on 10 October.

"At the same time, it will provide its first quarterly update for the current financial year."

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

PRS Reit (The) Market Data

Currency UK Pounds
Share Price 105.00p
Change Today 0.50p
% Change 0.48 %
52 Week High 107.50
52 Week Low 71.00
Volume 5
Shares Issued 495.28m
Market Cap £520.04m
RiskGrade 101

PRS Reit (The) Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
68.57% below the market average68.57% below the market average68.57% below the market average68.57% below the market average68.57% below the market average
79.31% below the sector average79.31% below the sector average79.31% below the sector average79.31% below the sector average79.31% below the sector average
Price Trend
44.04% above the market average44.04% above the market average44.04% above the market average44.04% above the market average44.04% above the market average
72.97% above the sector average72.97% above the sector average72.97% above the sector average72.97% above the sector average72.97% above the sector average
Income
57.19% above the market average57.19% above the market average57.19% above the market average57.19% above the market average57.19% above the market average
11.11% below the sector average11.11% below the sector average11.11% below the sector average11.11% below the sector average11.11% below the sector average
Growth
83.44% above the market average83.44% above the market average83.44% above the market average83.44% above the market average83.44% above the market average
82.86% above the sector average82.86% above the sector average82.86% above the sector average82.86% above the sector average82.86% above the sector average

What The Brokers Say

Strong Buy 3
Buy 0
Neutral 1
Sell 0
Strong Sell 0
Total 4
strong_buy
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PRS Reit (The) Dividends

  Latest Previous
  3rd Interim 2nd Interim
Ex-Div 20-May-21 18-Feb-21
Paid 18-Jun-21 08-Mar-21
Amount 1.00p 1.00p

Trades for 28-Jul-2021

Time Volume / Share Price
08:08 5 @ 106.00p

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