Sigma Capital, the Edinburgh-based property investor, has hailed a “significant uplift” in profits from its developments in the closing months of last year, meaning directors expect to hit market expectations when they announce full-year results in April.
The company is the investment advisor and property manager for the Private Rented Sector Real Estate Investment Trust (PRS REIT), which raised £500 million through its initial public offering in 2017 and placing in 2018. Both fundraisings were supported by the UK Government’s Homes England agency.
More than 840 homes were completed by Sigma for the PRS REIT last year with rental values of about £7.9 million. Sigma also sold two completed sites to the REIT for £20.9 million. A further 3,328 homes were under construction at the end of last year with an estimated rental value of £32.7 million. Spread across 42 sites, the homes have a combined development cost of £584 million.
Sigma switched into property development in 2011 following a deal with shareholder Sir Tom Hunter to buy his InPartnership regeneration business from West Coast Capital. Sigma previously invested in technology companies and a renewable energy fund.
