PRS Reit (The) (PRSR)

Sector:

Property Investment Trusts

 75.20p
   
  • Change Today:
      0.000p
  • 52 Week High: 97.20
  • 52 Week Low: 60.50
  • Currency: UK Pounds
  • Shares Issued: 495.28m
  • Volume: 1,092,840
  • Market Cap: £372.45m
  • RiskGrade: 137

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 75.20p
Change Today 0.000p
% Change 0.00 %
52 Week High 97.20
52 Week Low 60.50
Volume 1,092,840
Shares Issued 495.28m
Market Cap £372.45m
RiskGrade 137

PRS Reit (The) Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
51.95% below the market average51.95% below the market average51.95% below the market average51.95% below the market average51.95% below the market average
38.89% below the sector average38.89% below the sector average38.89% below the sector average38.89% below the sector average38.89% below the sector average
Price Trend
22.01% below the market average22.01% below the market average22.01% below the market average22.01% below the market average22.01% below the market average
8.11% below the sector average8.11% below the sector average8.11% below the sector average8.11% below the sector average8.11% below the sector average
Income
71.17% above the market average71.17% above the market average71.17% above the market average71.17% above the market average71.17% above the market average
29.41% above the sector average29.41% above the sector average29.41% above the sector average29.41% above the sector average29.41% above the sector average
Growth
66.69% above the market average66.69% above the market average66.69% above the market average66.69% above the market average66.69% above the market average
61.11% above the sector average61.11% above the sector average61.11% above the sector average61.11% above the sector average61.11% above the sector average

What The Brokers Say

Strong Buy 3
Buy 0
Neutral 0
Sell 0
Strong Sell 0
Total 3
strong_buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

PRS Reit (The) Dividends

  Latest Previous
  3rd Interim 2nd Interim
Ex-Div 25-Jun-20 06-Feb-20
Paid 17-Jul-20 28-Feb-20
Amount 1.00p 1.00p

Trades for 07-Jul-2020

Time Volume / Share Price
16:09 3,500 @ 75.22p
16:02 1,500 @ 75.25p
13:46 844 @ 75.20p
13:34 40,000 @ 75.40p
13:13 155 @ 75.22p

PRS Reit (The) Key Personnel

CEO Graham Fleming Barnet

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