Grainger PLC Grainger commit to landmark build-to-rent scheme (2719L)
September 30 2016 - 1:01AM
UK Regulatory
TIDMGRI
RNS Number : 2719L
Grainger PLC
30 September 2016
30 September 2016
Grainger plc
("Grainger", the "Company", the "Group")
Grainger commit to landmark build-to-rent scheme on
Leeds Riverside to deliver c.250 PRS homes
Grainger plc, the UK's largest listed residential landlord,
announces that it has conditionally agreed to forward purchase a
Private Rented Sector (PRS), build-to-rent development, on the
former Yorkshire Post Gateway site ("Yorkshire Post") in Leeds city
centre, for c.GBP40m from YP Real Estate.
This scheme, once complete, will comprise 242 new, purpose-built
rental homes, over 18 floors, c.3,600 square feet of amenity space,
a 3,277 square foot commercial unit and 72 car parking spaces.
The scheme is expected to complete in 2019 and is anticipated to
generate a gross yield on cost approaching 7% once fully let.
The forward purchase agreement is conditional on the vendor
securing final, detailed planning consent for the scheme and
successful completion of the development.
Leeds is one of five key target cities for Grainger's PRS
investment strategy, alongside Bristol, Manchester, Birmingham and
London.
Helen Gordon, Chief Executive of Grainger, said:
"We are pleased to announce this sizeable PRS build-to-rent
acquisition that will deliver 242 new, purpose-built rental homes
in Leeds city centre. Leeds is a vibrant city which holds all the
key characteristics of our PRS investment strategy, including a
large professional workforce and significant economic growth
potential."
-ENDS-
For further information:
Grainger plc
Helen Gordon/ Vanessa Simms/ Kurt Mueller
London Office Tel: +44 (0) 20 7940 9500
Newcastle Office Tel: +44 (0) 191 261 1819
Camarco
Ginny Pulbrook / Geoffrey Pelham-Lane
Tel: +44 (0) 20 3757 4992/4985
This information is provided by RNS
The company news service from the London Stock Exchange
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