The agreement ensures that all tenants of the 5,478-strong portfolio will not suffer any disruption when ownership transitions to Northern LGPS and Local Pension Partnership Investments.

The £628.9m deal is structured with a handover expected to take around 12 months.

Sigma — which founded the PRS REIT in 2017 — will be responsible for marketing, letting and management of the BTR homes under its Simple Life brand, covering 71 sites across England, Wales and Scotland.

•   The Finance Professional Show 2025: The Video
•   Sigma secures £268m debt facility with Morgan Stanley
•   Sigma Capital acquires four new sites to create 415 homes

“This is a landmark transaction in the BTR sector,” said Graham Barnet, founder and CEO of Sigma Capital Group.

“Having launched the model responsible for the delivery and management of this nationwide portfolio, we’ve now agreed terms to ensure the portfolio’s smooth transfer to its new owners, Northern LGPS and LPPI, from The PRS REIT plc.

“It’s critically important that residents experience an orderly transition of services, which we will ensure.”