Grainger PLC Acquisition (3251X)
November 23 2017 - 1:01AM
UK Regulatory
TIDMGRI
RNS Number : 3251X
Grainger PLC
23 November 2017
23 November 2017
Grainger plc
Acquisition
Grainger agrees to forward fund and acquire a 156 home PRS build
to rent scheme in Birmingham for c.GBP28m
Grainger, the UK's largest listed residential landlord, today
announces that it has exchanged contracts with Blackswan Property
Limited to forward fund and acquire a private rented sector (PRS),
build to rent development, Gilder's Yard in Birmingham, comprising
156 new purpose built PRS homes, for c.GBP28m.
Grainger expects the investment to generate a gross yield on
cost over 7% once stabilised.
Blackswan Property Limited will develop the site and Shaylor, a
Midlands based contractor, will construct the scheme.
Birmingham is a key target city for Grainger's PRS investment
strategy due to its strong economic prospects and growth potential,
and builds on Grainger's existing local management platform.
Helen Gordon, Chief Executive of Grainger, said:
"We are pleased today to announce our latest investment in one
of our key target locations, Birmingham, which will deliver 156 new
high quality, purpose built rental homes, building on our existing
portfolio in and around the area and leveraging off our operational
platform."
Grainger will be announcing its full year financial results on
30 November.
-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 (Grainger PR)
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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