Springfield Properties PLC Springfield partners with Sigma for PRS housing (5435N)
25 Settembre 2019 - 8:01AM
UK Regulatory
TIDMSPR
RNS Number : 5435N
Springfield Properties PLC
25 September 2019
25 September 2019
Springfield Properties plc
("Springfield" or the "Group")
Springfield enters into partnership with Sigma to deliver
private rented homes
Springfield Properties (AIM: SPR), a leading housebuilder in
Scotland delivering private and affordable housing, announces that
it has entered into a Collaboration Agreement (the "Agreement")
with Sigma PRS Management Ltd, a wholly-owned subsidiary and
Investment Adviser of the private rented sector, residential
development and urban regeneration specialist, Sigma Capital Group
plc (AIM: SGM) ("Sigma"), to deliver private rented homes in
Scotland. This represents Springfield's first partnership for the
private rented sector ("PRS") and is targeting the release of
hundreds of homes over the coming years.
Under the terms of the Agreement, Springfield and Sigma will
collaborate to acquire and develop sites in Scotland for the
private rental sector. A number of Springfield sites, primarily the
Group's Village developments in Dundee, Edinburgh, Perth and
Stirling as well as its development in Inverness, have been
identified as potential sites for PRS development. Subject to
meeting certain criteria, Sigma will purchase part of these sites
from Springfield and will award Springfield a fixed-cost design and
build contract to deliver housing on the acquired land. Following
handover of the completed homes by Springfield to Sigma, the homes
will be let and managed by Sigma under its 'Simple Life' brand. In
addition, Springfield and Sigma will seek to identify other sites
for Sigma to acquire for the purpose of PRS housing development by
Springfield.
Earlier this year, Sigma launched the Sigma Scottish PRS Fund,
with initial resources of GBP43m, including GBP30m investment from
the Scottish Government's Building Scotland Fund in the form of a
revolving credit facility. This is the first dedicated vehicle to
focus on the creation of new rental homes for families in the
private rented sector in Scotland.
Innes Smith, Chief Executive Officer of Springfield Properties
plc, said: "We are proud to be chosen by Sigma as their first
partner in Scotland to deliver homes for the private rented sector.
Like Springfield, Sigma focuses on providing the high-quality
family homes that are the heart of successful communities. This
agreement stands to accelerate our delivery of homes, particularly
on Village developments, and we expect it to provide a further
revenue stream, alongside our existing private and affordable
housing activity, with good visibility over cash flows. It will
also increase the number of homes available in the private rented
sector and contribute towards our goal of ensuring that everyone
within Scotland has a great place to live."
Graham Barnet, Chief Executive Officer of Sigma, said: "We are
delighted to announce this major partnership with Springfield, one
of Scotland's leading housebuilders. It targets the construction of
hundreds of new homes for families across Dundee, Edinburgh,
Inverness, Perth and Stirling, which include the key locations of
Springfield's Village sites. Once built, our homes will be let
under Sigma's 'Simple Life' lettings brand.
"Springfield has a well-established reputation for delivering
quality homes in Scotland and this partnership brings significant
benefits for both sides, especially in accelerating the rate at
which mixed tenure sites can be developed. We look forward to
working with Springfield as we develop the partnership and extend
our model in Scotland."
Enquiries:
Springfield Properties
Sandy Adam, Executive Chairman
Innes Smith, Chief Executive Officer +44 1343 552550
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N+1 Singer
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Shaun Dobson, James Moat (Corporate
Finance)
Rachel Hayes (Corporate Broking) +44 20 7496 3000
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Luther Pendragon
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Harry Chathli, Claire Norbury, Alexis
Gore, Joe Quinlan +44 20 7618 9100
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END
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