Sigma Capital reports progress in post-lockdown environment

Private rented sector, residential development and urban regeneration company Sigma Capital confirmed on Thursday that construction activity had now restarted, having been suspended in March amid the Covid-19 lockdown.

The AIM-traded firm, which was holding its annual general meeting, said that last week it delivered its 2000th rental home for the PRS REIT.

That had taken its total delivery of new rental homes across its PRS platform to nearly 4,000 since entering the private rented sector in 2014.

“Currently, approximately 2,900 units, at varying stages in the delivery process, are underway across the regions for the PRS REIT,” said chairman Ian Sutcliffe.

“This delivery includes Sigma-funded developments that have a combined gross development cost of £58.7m following the acquisition of additional sites in Greater Manchester.

“Rent collection for the properties we manage for the PRS REIT has remained resilient, with a 97% collection rate in May.”

Sutcliffe said demand was high, with reservations rising weekly since the beginning of May, and in June averaging 75 per week.

“Our build-to-rent activities in London are also progressing steadily.

“We have two development sites under way with a combined gross development cost of £43.0m, at Beam Park in Dagenham and Fresh Wharf, Barking, and remain ambitious in our plans to scale activity.”

At 0826 BST, shares in Sigma Capital Group were down 1.29% at 87.85p.