Last checked at 18 Sep 2018 07:00
LEI: 2138007CEIRKZMNI2979
18 September 2018
Grainger plc
Project Update
Grainger signs £52m construction contract on its Newbury PRS scheme
Grainger plc, the UK's largest listed residential landlord, today announces that it has appointed Engie Regeneration Limited as the main contractor to Grainger's Newbury PRS scheme, which will deliver 232 new homes for rent and improved pedestrian access from Newbury train station to the town centre.
Construction on the scheme, being developed by Grainger in partnership with West Berkshire Council and Network Rail, is expected to begin before the end of this calendar year and complete in 2021.
The signing of the construction contract at Newbury signifies an increase to Grainger's secured PRS investment pipeline by £61m.
Grainger expects this scheme to generate a gross yield on cost in excess of c.6.25% once stabilised. Newbury is an attractive location for investment due to its strong employment and well serviced transportation links and with major improvement works underway by Network Rail.
Helen Gordon, Chief Executive of Grainger, said:
"We are pleased to announce this key milestone for our Newbury PRS scheme, which increases our secured investment pipeline to over £800m. This scheme will deliver 232 high quality new homes for rent to Newbury, and it will significantly improve the gateway to Newbury and connection to the railway station and station amenities."
-ENDS-
For further information:
Grainger plc
Kurt Mueller
London Office Tel: +44 (0) 20 7940 9500
Camarco (Grainger PR)
Ginny Pulbrook / Geoffrey Pelham-Lane
Tel: +44 (0) 20 3757 4992/4985