Last checked at 24 Nov 2017 07:00
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: +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