17th Nov 2021 10:26
(Alliance News) - Grainger PLC on Wednesday said it has bought two sites, in Exeter and Sheffield, for direct development build-to-rent opportunities.
The Newcastle, England-based residential property developer said Exmouth Junction will be its first investment in Exeter, identified as a target location due to its strong local economy. This acquisition builds on Grainger's wider south west of England presence which currently totals 508 homes.
Brook Place 2 in Sheffield could deliver up to 250 private rented sector homes, subject to amendments to the existing planning consent. This opportunity is aligned to Grainger's cluster strategy, it said, bringing the existing cluster of 587 homes to over 1,000 homes when combined with its other pipeline schemes.
"Both cities are very attractive from a build-to-rent investment perspective and will perfectly complement our growing portfolio," said Chief Executive Helen Gordon.
No financial details of either deal were disclosed.
FTSE 250-listed Grainger shares were trading 0.1% lower in London on Wednesday morning at 316.20 pence each.
By Evelina Grecenko; [email protected]
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