Urban regeneration specialist Sigma has joined forces with construction firm Keepmoat to invest up to £800 mln (€1 bn) in the UK private rented sector.
The partnership plans to deliver over 5,000 new PRS homes across England by 2021. Construction on the first site is due to commence in the summer of 2016, the partners said in a statement.
'I am delighted to announce our partnership with Keepmoat, which has grown out of our previous relationship with them, and our continued expansion in the PRS sector,' said Graham Barnet, Chief Executive of Sigma. 'We are very pleased that Keepmoat has chosen to work with Sigma in its first development activity in the PRS market, and believe that it underscores Sigma’s success in the PRS sector.'
The partnership, which represents Keepmoat's first development activity in the PRS market, will deliver two, three and four bedroom properties in locations across the North East, Yorkshire and the East Midlands. Sigma will manage investment and lettings while Keepmoat will procure the land and take the lead on the design, planning and building processes.
The partnership will enable Sigma to expand into other parts of the UK, where the group currently does not have coverage, added Barnet. 'It also complements our existing partnership with Countryside Properties by significantly increasing our construction resources and providing further access to land assets in geographies not served by our existing partners. This additional resource will help realise our ambitions to deliver PRS housing across all of the key economic regions in the UK.'
