Grainger PLC Acquisition (7822A)
January 03 2018 - 1:00AM
UK Regulatory
TIDMGRI
RNS Number : 7822A
Grainger PLC
03 January 2018
3 January 2018
Grainger plc
Acquisition
Grainger agrees to forward fund and acquire a 237 unit PRS build
to rent scheme in Sheffield for c.GBP32m
Grainger, the UK's largest listed residential landlord, today
announces that it has exchanged contracts with Abode Hallam Limited
and agreed to forward fund and acquire a private rented sector
(PRS), build to rent development, Eccy Village, in Sheffield,
comprising 237 new purpose built PRS homes, for c.GBP32m.
Grainger expects the investment to generate a gross yield on
cost of over 7% once stabilised, with completion anticipated by the
end of 2019.
Abode Hallam Limited will develop the site to Grainger's
specification and Winvic Construction, a Midlands based contractor,
will construct the scheme.
Sheffield is a key target city for Grainger's PRS investment
strategy due to its strong economic prospects and growth potential
and meets Grainger's strict and disciplined investment
criteria.
Helen Gordon, Chief Executive of Grainger, said:
"This is the fourth significant PRS acquisition we've announced
in the past two months, demonstrating our continued success in
finding and securing highly attractive investments in the private
rented sector. We are pleased to have secured Eccy Village in
Sheffield, which is one of our key target locations. This scheme
will see us deliver 237 new high quality, purpose built rental
homes, in this growing, vibrant city."
-ENDS-
For further information:
Grainger plc
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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