Sigma Capital Group, the Edinburgh-based urban regeneration and private rental specialist, is gearing up to float its dedicated real estate investment trust after hailing a year of “significant strategic progress”.
The firm, which is involved in a string of schemes south of the Border, yesterday booked a pre-tax profit of £3.7 million for 2016, against a re-stated figure of £2.6m for 2015.
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It highlighted strong progress with its activities in the private rented sector (PRS), despite some previously reported project delays.
Sigma, which is headed by chief executive Graham Barnet, said it was now active in the north-west and north-east of England, as well as the Midlands, while delivering its 1,000th PRS home last November.
The PRS REIT will float on the main market of the London Stock Exchange with a Sigma subsidiary appointed as investment adviser and development manager. The move has been described as “potentially transformational” for the group, with proposed admission of the shares expected at the end of May.
David Sigsworth, chairman of Sigma, told investors: “I am delighted to report another year of significant development as we continued to scale Sigma’s presence in the private rented sector.
“The shortage of new homes in England is structural and remains a critical issue, and the political and economic backdrop is favourable.”