(Alliance News) - Landlord Grainger PLC said on Monday it has agreed to forward fund and acquire a 284 home development in Sheffield for GBP42 million.
The site is near to Sheffield city centre and builds on the firm's existing portfolio of private rented sector investments in the city. Grainger said it expects the investment to generate a gross yield on cost of 7% once stabilised, with practical completion anticipated in early 2022.
"With the city centre area undergoing significant regeneration, and housing demand supported by Sheffield's strong graduate retention rates, we are confident that Well Meadow will prove to be a popular location to live," said Chief Executive Helen Gordon.
Shares in Grainger were down 0.1% at 246.80 pence in London on Monday.
By Lucy Heming; lucyheming@alliancenews.com
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Grainger plc (GRI)