TIDMCSP
RNS Number : 7816R
Countryside Properties PLC
19 June 2018
19 June 2018
Countryside Properties PLC
Framework Agreement targeting delivery of 5,000 homes
Countryside Properties PLC (the "Group"), a leading UK home
builder and urban regeneration partner, is today announcing the
expansion of its strategic partnership with Sigma Capital Group
("Sigma") through a Framework Agreement that will see the two
companies target the delivery of a further 5,000 private rental
sector ("PRS") homes over the next three years.
Countryside's relationship with Sigma is well established with
an initial agreement between the partners for the delivery of 927
homes signed in December 2014 which was extended to include a
further 900 homes in February 2016. During the year to 30 September
2017, Countryside delivered 721 PRS homes for Sigma across the
North West of England and the West Midlands.
The new Framework Agreement significantly enhances Countryside's
relationship with Sigma and supports the Group's growth plans for
its Partnerships business which delivers a mix of private for sale,
PRS and affordable homes in mixed tenure communities. This
commitment from Sigma will allow Countryside to deliver homes more
quickly on larger Partnerships sites within its existing regions of
the North West and West Midlands and facilitates Countryside's
expansion into the South Midlands, Yorkshire and East Midlands
following its recent acquisition of Westleigh.
Ian Sutcliffe, Group Chief Executive of Countryside,
commented:
"We have been a long-standing partner of Sigma and are delighted
to continue working together.
This new agreement supports the continued expansion of
Countryside's Partnerships division and our mixed tenure delivery
model. It will allow us to speed up the delivery of homes on larger
Partnerships sites and meet the strong demand we are seeing for our
product."
Graham Barnet, CEO of Sigma, commented:
"We are delighted to be extending our highly successful
relationship with Countryside, one of the UK's leading home
builders, which regularly wins awards for its work. This major new
agreement targets the delivery of 5,000 high-quality family homes
across a number of regions over the next three years - over and
above those already built or in process.
There is a structural shortage of housing in the UK, across all
tenures, and our unrivalled delivery platform brings together local
authorities, home builders and funders with the common aim of
creating new, professionally-managed rental homes for families, a
largely neglected and growing part of the overall rental
market."
- Ends -
Countryside is holding a capital markets day on Wednesday 27
June 2018 which will focus on the Partnerships division. Should you
be interested in attending please contact Victoria Prior at
victoria.prior@cpplc.com for further details.
Enquiries:
Countryside Properties - 01277 260 000
Ian Sutcliffe - Group Chief Executive
Rebecca Worthington - Group Chief Financial Officer
Victoria Prior - Investor Relations & Strategy Director
Brunswick Group LLP - 020 7404 5959
Nina Coad
Oliver Sherwood
About Countryside
Countryside is a leading UK home builder specialising in place
making and urban regeneration. For the year ended 30 September
2017, we completed 3,389 homes with revenues of GBP1,028.8m.
Our business is focused on place making, which we deliver
through our two divisions, Housebuilding and Partnerships. The
Housebuilding division, operating under Countryside and Millgate
brands, develops sites that provide private and affordable housing,
on land owned or controlled by the Group. Our Partnerships division
specialises in urban regeneration of public sector land, delivering
private and affordable homes by partnering with local authorities
and housing associations.
Countryside was founded in 1958. It operates in locations across
London, the South East, the North West of England and the West
Midlands. In April 2018, Countryside expanded its Midlands
operations with the acquisition of Westleigh Group Ltd which
delivered 1,159 homes, of which 92% were affordable, for year ended
31st March 2018.
For further information, visit
www.countryside-properties.com.
About Sigma Capital Group plc
(www.sigmacapital.co.uk)
Sigma Capital Group plc is a private rented sector, residential
development, and urban regeneration specialist, with offices in
Edinburgh, Manchester and London. Sigma's principal focus is on the
delivery of large scale housing schemes for the private rented
sector. It has a well-established track record in assisting with
property-related regeneration projects in the public sector, acting
as a bridge between the public and private sectors. Its subsidiary,
Sigma PRS Management Limited, is Investment Adviser to The PRS REIT
plc.
About Sigma PRS Management Limited
Sigma PRS Management Limited is a wholly owned subsidiary of
AIM-quoted Sigma Capital Group plc and is the Company's Investment
Adviser. It sources investments and manages the assets of The PRS
REIT plc and advises the Alternative Investment Fund Manager
("AIFM") and the PRS REIT on a day-to-day basis in accordance with
the PRS REIT's Investment Policy. The Investment Adviser is an
appointed representative (reference number: 776293) of the
AIFM.
About The PRS REIT plc
(www.theprsreit.com)
The PRS REIT is a closed-ended real estate investment trust
established to invest in the Private Rented Sector and to provide
shareholders with an attractive level of income together with the
potential for capital and income growth. In its Initial Public
Offering, on 31 May 2017, the Company raised GBP250 million gross
equity capital via a Placing, Offer for Subscription and
Intermediaries Offer and today has raised a further GBP250m through
an additional Placing. Both fundraisings were supported by the UK
Government's Homes England (formerly Homes and Communities Agency),
with direct investments totaling c. GBP30 million.
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Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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