Posted on 30/09/2016
We are now on course to secure the letting and management for over 4,000 of 20,000 new properties built specifically for Build to Rent in the next four years. Paul Staley, Director of PRS said “We are excited to have a pipeline of existing contracts which will see our existing Build to Rent (B2R) portfolio grow six fold by 2020. This would bring the Group’s total Build to Rent portfolio to over 10,000 properties across the UK, which, would make us the UK’s largest provider in the growing sector”
Large institutional property investors are increasingly being drawn more to the residential sector, which is currently seven times larger than the UK’s commercial property stock. The fact that approximately 80% of all PRS stock is owned by landlords with less than four properties makes it difficult for institutional investors to find large portfolios. In addition, the quality and condition of existing stock is difficult to assess and varies quite dramatically.
Earlier this year, the SDL Bigwood PRS and Estates Management department were eagerly appointed by Sigma Capital Group as its exclusive letting and property management partner for a new Private Rented Sector fund. The deal formed part of Sigma’s plans to invest £100m in a drive to build 1,000 PRS units across England over 18 months.