31st Jan 2019 11:22
LONDON (Alliance News) - PRS REIT PLC said on Thursday it has signed contracts for four private rented sector sites in the UK.
Three of the site are development site and the fourth will be acquired once fully completed, with a gross development cost of GBP62 million.
One of the development sites is in Salford, Greater Manchester on which construction has already started. The other two sites are in Chester and Houghton Regis, Bedfordshire, and will be acquired once planning approval processes are completed, which is expected in the first half of 2019.
The three sites are expected to deliver 272 new homes and provide rental income of GBP3.1 million per annum.
The fourth site is in Bury St Edmunds anticipated to be completed and fully let in the first quarter of 2020, to comprise 38 new homes with a rental income of GBP600,000 per annum.
In addition, PRS REIT said it continues to target an annual dividend of 5.0 pence per share, with a quarterly dividend of 1.0p for the second quarter of its financial year.
Also as at December 31, PRS REIT had a net asset value of 96.3 pence per share, down from 98.3p as at June 31, 2018.
PRS REIT said it will publish its interim results on March 12.
Shares in the PRS REIT were up 0.8% at 98.00 pence on Thursday.
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