Sigma Capital has agreed terms for a major funding agreement with the Homes and Communities Agency (HCA), the executive public body sponsored by the Department for Communities and Local Government.
The initial funding is for a £45m revolving credit facility, which will be used by Sigma to materially scale up the delivery of self-funded new rental homes.
The Company expects the new facility to support a self-funded portfolio with a total gross development cost in excess of £60m.
The agreement forms part of the HCA and Government's objective of making more homes available across England.
Sigma's PRS platform, comprising building, letting and funding partners, was a key component in reaching this agreement since it enables the delivery of new homes at scale and at a faster rate than is typical for a market-to-sale build.
Separately, Sigma booked an H1 pretax profit of £1.22m, from a year-earlier loss of £0.41m. Revenue was £2.8m, from £1.0m.
Net assets per share totalled 37.3p, from 16.7p.