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UK: BTR investor Sigma Capital has agreed a £268 million investment debt facility with Morgan Stanley.
The facility has been established to refinance a newly-completed portfolio of around 1,400 homes drawn from Sigma’s wider UK portfolio of 4,500 homes.
The homes – predominantly single family rental units – are located across 18 sites throughout the UK, outside of London. Sigma’s rental platform, Simple Life, which currently manages more than 3,000 homes nationwide, is responsible for the marketing, letting and ongoing management of the new rental homes. The portfolio has a market value in excess of £400 million and all the homes remain on Sigma’s balance sheet.
Several lenders took part in the lender selection process. Laurus Property Partners provided additional support to Sigma’s in-house team.
Mike McGill, group finance director of Sigma Capital Group, said: “We’re delighted to have established this important new relationship with Morgan Stanley. It supports Sigma’s ongoing growth as a leading provider of BTR single family homes for institutional landlords in the UK. We have delivered some of the largest portfolios of new rental homes in the UK and are in the process of completing more, which takes our current delivery to around 13,500 new rental homes.”
Mike Scott, group legal counsel at Sigma Capital Group, added: “Working with Morgan Stanley has been a great experience. The team brought a pragmatic, solutions-driven mindset and was consistently commercial throughout. Their collaborative approach meant that the facility was delivered on time and within budget, and we look forward to building on this new relationship as Sigma continues to scale.”
Highlights:
• BTR investor Sigma Capital has agreed a £268 million investment debt facility with Morgan Stanley
• The facility has been established to refinance a newly-completed portfolio of around 1,400 homes drawn from Sigma’s wider UK portfolio of 4,500 homes
• The homes – predominantly single family rental units – are located across 18 sites throughout the UK, outside of London
