Sigma has announced the expansion of its Private Rented Sector (PRS) delivery with Gatehouse Bank.

The agreement expands the company's existing PRS Portfolio Agreement with Gatehouse's £1 billion development of 10,000 new homes over the next five years.

The first phase is underway, targeting 927 new homes across 14 sites in Greater Manchester and Merseyside.

Total development is estimated at around £106 million and a quarter of the units are already under development or have been built.

New sites have also been identified for phase two of the £1 billion project.

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The PRS portfolio is being carried out by Sigma's housebuilding partner Countryside Properties along with lettings management associate Direct Lettings.

Graham Barnet, Chief Executive of Sigma, said: "We are delighted that our relationship with Gatehouse is expanding and deepening in such a significant way.

"Gatehouse has led the way as a funder in the PRS space and this acceleration and expansion of our activities with them is evidence of the quality and success of our initial phase and the delivery platform we have built with Countryside and Direct Lettings."

Chief Executive of Gatehouse, Henry Thompson, said: "Gatehouse Bank is delighted to be extending its involvement with Sigma Capital Group plc with the additional roll out of a national development programme for providing homes in the Private Rented Sector (PRS).

"Following the on-going success of Phase 1 with developments in Greater Manchester and Merseyside, we are happy to extend our involvement to a bigger development programme."

(LM)