1st Feb 2016 07:26
LONDON (Alliance News) - Residential landlord Grainger PLC on Monday said it has acquired the Clippers Quay property in Salford Quays, near Manchester, for GBP98.7 million to boost its private rented sector portfolio.
The FTSE 250-listed company, which last week outlined plans to sell its non-core businesses and focus on the private rented sector, said the new property will deliver 600 new homes, along with further commercial space. Once fully let, it should deliver more than GBP7.5 million in gross rent per year, Grainger said.
The purpose-built rental development will start construction in spring this year, and the acquisition is pending the finalisation of a construction contract for the project. The scheme will take two to three years to build, Grainger said.
"Clippers Quay is a highly attractive place to invest, driven by its connectivity and proximity to Manchester and MediaCityUK. As the UK's largest listed residential landlord, Grainger is well placed to leverage its long-established operational platform to continue offering best-in-class homes to renters across all regions of the UK," said Helen Gordon, Grainger's chief executive.
By Sam Unsted; [email protected]; @SamUAtAlliance
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