SIGMA Capital has launched a £43 million fund to support the development of private rented sector (PRS) homes in Scotland after delivering thousands of properties in England through a similar initiative.
The company has secured £30m Scottish Government funding for its Sigma Scottish PRS Fund, which is expected to help meet growing demand for rental homes in Scotland.
“Renting accommodation is becoming a long-term option for many people, at many stages of life, for example when starting a family or when retiring,” noted Communities Secretary Aileen Campbell.
The new fund is billed as the first dedicated vehicle to focus on the creation of new rental homes for families in the private rented sector in Scotland.
Sigma has enjoyed success in England with the PRS Real Estate Investment Trust it launched in 2017. The REIT has secured £900m funding which it has used to support developments that will contain 3,575 homes in total.
Sigma said it expects to be able to deliver PRS housing at pace in Scotland. It will focus on sites close to large employment centres, good quality primary schools and local amenities
The Scottish Government is providing £30m debt finance through the Building Scotland fund. Sigma is providing £13m. The firm tripled pre-tax profits to £12.2m in 2018.
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