Urban regeneration specialist Sigma Capital today announced an extension to its private rented housing deal in Manchester and Merseyside that aims to create a £1 billion portfolio of 10,000 new homes over the next five years.
The first phase of the project, with Gatehouse Bank, started in November and is targeting 927 new homes across 14 sites.
Gatehouse Bank is now seeking to plough further capital into a second phase, followed by a regular rolling programme of investment to build a £1bn portfolio. Phase two discussions are well advanced, with the next sites identified, Edinburgh-based Sigma said today.
Under the plans, the two companies – working with housebuilder Countryside Properties and lettings management firm Direct Lettings – are planning to create up to 10,000 new homes.
Chief executive Graham Barnet said: “Gatehouse has led the way as a funder in the private rented sector space and this acceleration and expansion of our activities with them is evidence of the quality and success of our initial phase and the delivery platform we have built with Countryside and Direct Lettings.”