Sigma Capital announces RIET plan

Edinburgh-based Sigma Capital Group has revealed that it is progressing plans for the possible launch and flotation of an independent real estate investment trust (REIT).

The property financing firm previously disclosed its intention to develop such a vehicle in its last half yearly report.

At that time Sigma said it intended to explore a long-term holding vehicle into which the company could sell its developed PRS assets, recycle its capital and significantly scale its self-funded PRS delivery.

Sigma said the Homes and Communities Agency (HCA) had agreed in principle to support the REIT through direct investment in the possible flotation.

The proposed REIT would be managed by Sigma and invest predominantly in Private Rented Sector housing in the main English conurbations, and largest employment centres, outside of London.

It was also intended that the REIT develops assets utilising Sigma’s PRS platform.

Sigma’s PRS platform is a significant player in the PRS property sector with about 1100 units currently built, let and under management.

Founded in 1996, it was admitted to AIM in April 2000 and operates offices in Edinburgh, Manchester and London.

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