29th Jan 2015 08:07
LONDON (Alliance News) - Residential property company Grainger PLC on Thursday said the GRIP Unit Trust, a joint venture between Grainger and pension fund APG, has struck a forward purchase deal for a build-to-rent scheme in Canning Town, east London.
GRIP Unit Trust will pay GBP33.3 million to acquire the development, part of the Hallsville Quarter regeneration project in the east London area, from BY Development Ltd, the development arm of Bouygues SA, the French conglomerate.
BY Development has retained a stake in the ownership of the asset under the deal, Grainger said.
"This transaction builds on an established partnership between Bouygues Development and Grainger and is further evidence of our commitment to the UK private rented sector. We now look forward to working alongside Bouygues Development and the London Borough of Newham to deliver this exciting new long-term development," said GRIP Fund Manager Tracey Hartley.
Grainger shares were down 1.1% to 191.956 pence at the open on Thursday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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