Sigma-backed firm expects to complete 5,600 homes in total
PRS REIT has completed its 5,000 rental home after narrowly missing a target of hitting the milestone at the end of 2022.
The build-to-rent firm, managed by listed private rental specialist Sigma, in a trading update today announced it had completed 5,010 homes by the end of 31 March. It has a further 516 homes under development.
The firm, which focuses on purpose-built, single family housing, had initially aimed to complete 5,000 homes by the 31 December, but narrowly missed this with 4,913 properties in its portfolio at the end of the year.
It expects to complete 5,600 homes in total in its current delivery programme.
Steve Smith, Non-executive Chairman of The PRS REIT plc, said: “The completion of the 5,000th rental home marks a significant milestone for The PRS REIT and demonstrates our success in building the largest portfolio of high-quality, build-to-rent, single-family rental homes in the UK over the last six years.
The update follows real estate investor Long Harbour announcing a push into the single family housing development market.
>>See also: Could built-to-rent become the ‘darling of housing delivery?
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