14th Jan 2020 12:03
(Alliance News) - Sigma Capital Group PLC on Tuesday said its performance in 2019 was driven by an increase in asset management income following a full year investment adviser fees from PRS REIT PLC.
The residential development company said it expects to report 2019 results in line with expectations, as its performance has improved in the second half and particularly in the final quarter of the year.
This was mainly due to Sigma's ongoing role as investment adviser & development manager to PRS REIT. Over 840 new rental homes were delivered via Sigma's platform for PRS REIT in 2019, with a combined estimated rental value of GBP7.9 million per annum.
As at the end of 2019, a total of 3,328 homes were under development for the PRS REIT, with an estimated rental value of GBP32.7 million. These are located across 42 sites that, including the homes already completed on these sites, have a combined gross development cost of GBP584 million, Sigma said.
Sigma's full year results are expected to be announced in April.
The stock was trading 2.4% higher in London on Tuesday at 115.70 pence a share.
By Evelina Grecenko; [email protected]
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