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Property investor PRS REIT said it was considering raising capital after its investment adviser identified six additional development sites to acquire.
The sites had the potential for 670 new homes with a total estimated rental value of about £6.5 million a year.
'The board is exploring the most appropriate way of raising additional capital to fund the six sites identified with a view to delivering further value for shareholders,' PRS said.
'A further announcement will follow in due course.'
The company also said its net asset value at 30 June was 99.0p per share, up from 96.1p at the end of December.
Construction activity continued to progress well, it added, with 243 new homes added to the portfolio since the end of the financial year to 30 June.
That took the total portfolio to 4,227 completed homes with an ERV of £40.3 million as at 31 August, with a further 828 homes contracted and at varying stages of the construction process.