£700m inward investment deal will see development of private-rented housing in North-west, with sites already earmarked for 2,000 homes

housing Manchester

Developers have earmarked sites for 2,000 privately-rented homes in Liverpool and Greater Manchester after agreeing a £700m inward investment deal.

The deal, announced today, will see Sigma Capital Group, a residential and urban regeneration specialist, build up to 6,600 new privately rented homes in the UK, with sites for 2,000 homes already identified in Liverpool and Greater Manchester with a total development cost of £200m.

The deal, which is being backed by international investors Gatehouse Bank, was facilitated by UK Trade and Investment’s (UKTI) Regeneration Investment Organisation (RIO), which was set up to direct investors to industry-backed development opportunities throughout the country.

The deal will see the construction of a further 4,600 new homes for the private-rented sector in the North-west and other regions of the UK, taking the total number of new rental homes to around 6,600 with a total development cost of £700m.

Sigma chief executive Graham Barnet said: “We have developed an innovative joint venture model designed to deliver high quality homes in areas of the country where rental housing is in extremely short supply.

“Gatehouse has substantial knowledge of and expertise in the UK property market and has shared our vision for this project.

“I am delighted that we are now working together to deliver the roll-out of our model, which has the potential to create one of the largest new-build privately-rented residential portfolios in the UK.”