TIDMSGM
RNS Number : 0590P
Sigma Capital Group PLC
08 October 2019
AIM: SGM
SIGMA CAPITAL GROUP PLC
("Sigma" or the "Company")
The private rented sector and urban regeneration specialist
Launch of PRS Activities and 'Simple Life' Rental Brand in
London
Sigma, the private rented sector ("PRS"), residential
development and urban regeneration specialist, is pleased to
announce the expansion of its build-to-rent activities and 'Simple
Life' rental brand into London, with the acquisition of two
development sites in Havering and Barking. This first venture is
expected to mark the start of greater activity over the coming
year.
The Company has acquired an 80-unit development site at Beam
Park, part of a GBP1 billion regeneration project underway across
the London Boroughs of Havering and Barking & Dagenham, on land
released by the Greater London Authority ("GLA") as part of the
GLA's plans for new London homes. Sigma has also acquired a 77-unit
development site at Fresh Wharf, a major riverside scheme close to
Barking Town centre.
Sigma is working with Countryside Properties and L&Q New
Homes at the Beam Park scheme and with Countryside Properties and
Notting Hill Developments at Fresh Wharf.
The combined total gross development cost ("GDC") of the two
sites is c. GBP43.8m. The Fresh Wharf site is expected to be
completed towards the end of next year, with Beam Park completing
by Spring 2021. The new homes will be marketed and let under the
Company's 'Simple Life' letting brand, which aims to set a new,
higher standard of customer care in the general rental market.
The Company's move into London follows its recent launch in
Scotland, where it has entered into a collaboration agreement with
Springfield Properties plc, a leading Scottish housebuilder, that
is targeting the delivery of hundreds of new rental homes across
Scotland's major cities, including Dundee, Edinburgh, and Glasgow.
Outside London, Sigma has delivered more than 3,000 new rental
homes across the regions, through its PRS property platform, with
over 1,300 delivered for The PRS REIT plc ("PRS REIT"), which is
establishing a large-scale portfolio of family homes. A further
3,400 homes are currently under construction for the PRS REIT, as
Sigma progresses towards delivering the PRS REIT's overall initial
target of 5,400 homes across the UK (outside London).
Graham Barnet, CEO of Sigma Capital Group, commented:
"We are delighted to announce the expansion of Sigma's
build-to-rent activities into London, with the acquisition of our
first two sites at Fresh Wharf in Barking and Beam Park in
Dagenham. This is an exciting first step for the Company into a new
key geography. The move into London means that Sigma's property
delivery platform now reaches across most of the mainland UK,
providing us with significantly increased development
opportunities. It also takes our letting brand, Simple Life, into
the London market.
"Our long-term partner, Countryside, will develop both London
sites with Fresh Wharf development completing by the end of next
year and Beam Park in Spring 2021."
Ian Sutcliffe, Group Chief Executive at Countryside Properties
plc, commented:
"We are delighted to be extending our very successful
partnership with Sigma Capital into the London market. We have
delivered over 4,000 private rented homes over the past five years
together as part of differentiated mixed tenure approach to
regeneration sites. We anticipate continuing growth from our
relationship with Sigma in London and beyond."
Kevin Harris, Director of Project Management and Development at
L&Q, commented:
"We are happy to welcome Sigma to the Beam Park regeneration.
This project is truly exciting, and will deliver real benefits to
the local area, from community facilities to generous publicly
accessible open spaces. By working together to provide homes in a
range of tenures - from private rented and outright sale to much
needed affordable housing, we can make an important contribution to
meeting London's housing needs."
Enquiries:
Sigma Capital Group Graham Barnet, Chief Executive T: 020 3178 6378
plc (today)
Malcolm Briselden, Finance T: 0333 999 9926
Director
KTZ Communications Katie Tzouliadis, Dan Mahoney T: 020 3178 6378
N+1 Singer James Maxwell, James Moat, T: 020 7496 3000
(NOMAD and Broker) Ben Farrow
NOTES TO EDITORS
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, which launched in May 2017 to invest in new-build family
rental homes in the UK.
In April 2019, Sigma launched the Sigma Scottish PRS Fund, the
first dedicated vehicle to focus on the creation of new rental
homes for families in the private rented sector in Scotland. Sigma
Scottish PRS Fund will have initial resources of GBP43m, GBP30m of
which will be provided by the Building Scotland Fund in the form of
a revolving credit facility and the remainder provided by
Sigma.
About Fresh Wharf
Fresh Wharf is a major redevelopment project by Countryside
Properties and Notting Hill Developments, which will build 911 new
homes on a former brownfield riverside site less than one mile from
Barking Town Centre. The homes will comprise a mix of contemporary
one and two bedroom apartments, and the development will also
deliver new retail spaces and public areas to transform the
area.
About Beam Park
The development at Beam Park is developed by Countryside
Properties and L&Q New Homes, and will create a new community
of 3,000 new homes on a derelict former Ford Factory site in the
London Boroughs of Barking & Dagenham and Havering. The homes
will be a mix of one and two bedroom apartments and four bedroom
homes. The development will also deliver a new railway station, a
medical centre, two schools, a nursery, a gym and community
facilities.
About Countryside Properties plc
Countryside is a leading UK home builder and regeneration
partner specialising in place making and urban regeneration. Its
business is centred around two complementary divisions,
Partnerships and Housebuilding. The Partnerships division
specialises in urban regeneration of public sector land, delivering
private and affordable homes by partnering with local authorities
and housing associations. 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. Countryside was founded in 1958. It operates in locations
across London, the South East, the North West of England, the
Midlands and Yorkshire.
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. It has raised a total of
GBP500m (gross) through its Initial Public Offering, on 31 May
2017, and a subsequent placing in February 2018. Both fundraisings
were supported by the UK Government's Homes England with direct
investments.
LEI: 21380037Q91HU97WZX58
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END
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