- Private rented sector property investor PRS REIT said it had signed contracts on four new development sites that would involve construction of around 464 new family homes for a combined cost of around £68.2m.

Two of the sites had been acquired immediately, while forward contracts had been signed for the other two.

The two newly-acquired sites were located in Walkden, Salford, and Knowsley, Merseyside. They were expected to yield a rental income of around £2.1m per annum fromabout 240 homes, with completion anticipated in the first half of 2020.

The forward contract agreements were over sites in Telford and Salford. Their acquisition would be triggered by detailed planning approval, the process of which was currently underway.

The estimated rental value of the around 224 new homes for the two sites was about £2.1m per annum.

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