BDO provided financial and tax due diligence services on the acquisition of BlackRock Housing Unit Trust, BRHUT Limited Partnership and BRHUT GP Limited by PRS REIT plc.
The PRS REIT plc acquired a fully-let development of 123 new homes in Greater Manchester for £19m from BlackRock Real Assets. The development generates a passing rent of approximately £1.16m per annum.
The development is located in a suburb north west of Manchester in Holyoake Road, Walkden, and was sourced and completed for Blackrock in June 2019 by Sigma Capital Group plc's PRS property platform. It comprises a mix of 63 three-and-four-bedroom houses and 60 two-bedroom apartments, close to local amenities, with easy access via rail to Manchester City Centre. The development was constructed by Sigma Capital Group plc's principal housebuilding partner, Countryside Properties, to the same specification as other sites in The PRS REIT plc portfolio. The homes are rented under the 'Simple Life' brand.
The transaction brings the total number of completed homes in The PRS REIT Plc's portfolio to 3,163 with an estimated rental value (""ERV"") of approximately £29.4m per annum.