Firm’s partnerships division joins forces with investor Sigma
Galliford Try Partnerships has joined forces with investment firm Sigma Capital to deliver family homes for the private rental sector (PRS) market.
The regeneration arm of Galliford Try will identify and secure land for Sigma to acquire and will take each site through the planning and construction stages.
Galliford Try secured around 2,700 homes across all tenures last year for a range of other partners, including Chase Park in Ellesmere Port (pictured), a development for Cheshire West and Chester Council.
Its latest collaboration will focus on opportunities in the West and South West of England. The new rental homes will be marketed under Sigma’s private rental brand, Simple Life.
Sigma has offices in Edinburgh, Manchester and London and works with a number of housebuilders including Countryside and Keepmoat as it looks to spend nearly £1bn in its capacity as advisor to the real estate investment trust, called PRS Reit, which was listed on the Stock Exchange last year and is chaired by a former chief investment officer of British Land, Stephen Smith.
Sigma aims to build up to 20,000 private rental market homes in the next five years, targeting key regional towns and cities in England.
Last September, the investor took responsibility for an apartment complex in Sheffield called Park Grange House, built by Keepmoat.
The chief executive of Galliford Try Partnerships Stephen Teagle said the collaboration would complement its existing work with registered providers and local authorities and form a key part of its land-led delivery strategy.
“Our business units will be actively seeking new opportunities for our work with Sigma and the PRS Reit,” he added.
The PRS Reit raised its £250m target last May when it floated with the government’s Home and Communities Agency, now called Homes England, putting in £25 million for a 9.99% stake.
PRS is the UK’s first Reit focused on the private rental sector. It aims to alleviate the shortage of affordable, quality homes for young people struggling to get on the property ladder. The Manchester-based business said homes will be let on Assured Shorthold Tenancies to qualifying tenants.