Member Article

Grainger plc snaps up another PRS asset in £30.5m deal

Newcastle-based residential landlord Grainger plc has acquired a c.90k sqft private rented sector (PRS) development in Milton Keynes from the High Street Group for £30.5m.

Grainger’s GRIP REIT joint venture with APG has agreed to forward fund the deal, seeing 139 homes come under Grainger’s ever-widening property banner.

GRIP REIT is focused on PRS investments in London and the South East and is 25% owned by Grainger and 75% owned by APG.

This acquisition follows Grainger’s recent announcement of its investment in a 236 home build to rent scheme in Pontoon Dock, London, in partnership with the Local Pensions Partnership.

Helen Gordon, Chief Executive of Grainger, said: “We are pleased to announce another successful acquisition of an attractive PRS asset in a highly desirable location with a strong and growing rental market, this time through our GRIP PRS REIT in partnership with our long standing partner, APG.

“Our ambitious investment plan continues at pace with c.£500m of Grainger’s own capital committed to new PRS investments.”

Gary Forrest, Chairman of The High Street Group, said: “As the build to rent, or private rented sector, continues to grow due to demand for homes outstripping supply, we developed a plan to create a community with a modern village feel that will cater particularly for the needs of aspiring young professional people in Milton Keynes.

“We are delighted that such a successful and reputable specialist in PRS as Grainger is now acquiring the site to take the project forward.”

Looking to promote your product/service to SME businesses in your region? Find out how Bdaily can help →