30th Nov 2018 09:55
LONDON (Alliance News) - The PRS REIT PLC said on Friday it has signed contracts for four new developments, acquiring two immediately and entering forward contracts for the other two sites.
The two immediately acquired development sites are located in Walkden, Salford and Knowsley, Merseyside. Once constructed and fully let, the sites are expected to yield rental income of GBP2.1 million per annum from 240 homes, with completion expected in the first half of 2020.
The forward contract agreements are over two sites in Telford and Salford. The acquisition of these sites will be triggered by detailed planning approval, a process of which is underway.
The estimated rental value of the 224 new homes to be constructed across the two sites is GBP2.1 million per annum.
Following the acquisition of two sites, the real estate investment trust has 36 sites that are either completed or contracted equal to 3,000 new homes, with a gross development cost of GBP452 million and estimated rental value of GBP28 per annum.
Shares in PRS REIT were trading flat at 99.50 pence on Friday.
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