Acquisition

RNS Number : 4072X

Grainger PLC

24 November 2017

 

24 November 2017

Grainger plc

Acquisition

Grainger acquires a 192-home stabilised PRS portfolio in Manchester for £26m

Grainger, the UK's largest listed residential landlord, today announces that it has acquired a stabilised portfolio of three blocks, in Manchester, comprising 192 private rented sector (PRS) homes, for £26m. The portfolio has been acquired from Cabot Square Capital.

Grainger expects the investment to generate a gross yield on cost of approaching 7%.

Manchester is a key city for Grainger's PRS investment strategy due to its strong economic prospects and growth potential. The investment will also benefit from 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, Manchester, which delivers 192 high quality rental homes, building on our existing portfolio in and around the area, leveraging off our operational platform and local management office."

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: [phone]

Newcastle Office Tel: [phone]

Camarco (Grainger PR)

Ginny Pulbrook / Geoffrey Pelham-Lane

Tel: [phone]/4985

 

END

 

 

ACQFESFWDFWSEDF