A property group has pulled off a huge deal which will see it taking on the initial letting and managing of 1,074 ‘build to rent’ properties across 14 sites.

The number is set to expand to around 10,000 properties over the next five years.

SDL Group, which operates the Century 21 agency franchise in the UK, has secured the exclusive contract as part of Sigma Capital’s new independent real estate investment trust (REIT), which began trading on the London Stock Exchange yesterday.

The PRS REIT has been created by Sigma Capital to look after its current housing stock in the private rented sector, as well as significantly upscale its future output, creating thousands of new rental homes across the UK.

Sigma said hopes to establish one of the largest PRS portfolios in the UK.

As well as 54-branch Century 21, SDL has made a number of other recent acquisitions, including that of auctioneers CP Bigwood and Graham Penny Auctions, and estate agency Humphreys of Chester.

Paul Staley, SDL Group’s director of PRS, said: “This is a hugely exciting opportunity for us.

“We know that initial fundraising for the REIT was significantly over-subscribed, so the potentially for future growth is tremendous, which is great news for all involved.”

He added: “When and where possible we will use the local Century 21 office to assist with the letting of the properties and we have engaged the Salford, Liverpool and Birmingham (Bigwood) franchised offices to assist and will continue to do so moving forward as and when the opportunity arises.

“To date the Century 21 offices probably account for around 80% of our Build to Rent lets, but this percentage is likely to lower as our sites grow geographically.”