Sigma Capital - tremendous news
The residential and urban regeneration specialist has announced the momentous news that its Private Rented Sector joint venture with Gatehouse Bank plc is commencing this week the construction of an initial phase of 927 new rental homes with a total development cost of approximately £100m. This follows the agreement of up to approximately £67m of bank financing from Barclays Bank plc which supplements equity of approximately £47m from Gatehouse.
This is a really significant event for Sigma with the initial phase of construction part of a wider proposal with Gatehouse to create a portfolio of new build privately rented residential properties across multiple sites in the UK and complements the recently announced strategic partnership with FTSE 250-listed property company Grainger plc which is focused on larger sites. The terms of the agreement provide a framework for Grainger and Sigma to jointly develop sites sourced…
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