Avant Homes ties up £60m Sigma disposal

Of the eight developments making up 306 new homes sold to the private rental operator, four are in the North East.

The family housing sold to Sigma Capital Group will be taken to market under Sigma brand, Simple Life.

Avant’s sale into the PRS market forms an important part of the company’s growth strategy, it said. The North East developments are in Newcastle, Gateshead, Sunderland and Stockton-on-Tees.

Two of the remaining schemes are in Yorkshire with the balance in the East Midlands. Under the terms of the deal, Avant Homes will hand over completed homes to Sigma on each of the developments.

Avant Homes Group special projects director Timothy Pegg said: “At a time where affordability is stretched, we are very pleased to be playing our part in providing energy efficient, quality new homes at price points and tenures customers can afford.

“Our developments are in popular locations and we are delighted to be partnering Sigma in supporting communities across many of our regions.

“It is testimony to our ambition that we have been able to secure this large, multi-site deal with a PRS provider of the stature of Sigma Capital Group.

“We look forward to further developing our relationship with them, as well as creating new ones with other PRS providers throughout the UK as we evolve our multi-tenure growth strategy further.”

Sigma Capital Group land director Graeme Rea said: “We’re delighted to embark on this latest venture with new, trusted partners Avant Homes to help support the local and wider communities.

“We’re looking forward to offering renters across these regions with a high quality, professional approach to renting, bettering their housing options and considerably contributing to the housing market demands.”

Avant was advised by Colliers.

The agency’s head of residential capital markets, Mike Gorman, said: “It’s great to see that Sigma recognise the opportunity that Avant had to offer, investing in new rental properties to meet the ever-present housing need.

“By diversifying its portfolio into the single family housing market, Avant Homes understands that no matter the economic challenges, there’s always a demand for new, quality housing which needs to be met.”