13th Apr 2016 06:44
LONDON (Alliance News) - Residential landlord Grainger PLC on Wednesday said it has signed a deal to sell the majority of its remaining residential property portfolios in Germany for EUR53.0 million.
Grainger will sell the portfolio to LEG Immobilien AG, the German residential investment company. The assets were previously valued at EUR56.3 million, meaning the sale will generate a one-off loss of EUR3.7 million, including fees, for Grainger.
The portfolio comprises around 1,100 residential units in the Northrhine-Westphalia region of Germany. In 2015, the assets produced a gross rental income of EUR4.0 million and a pretax loss of EUR3.7 million.
Grainger said the move was in line with its strategy to focus its business on investing in the UK private rented sector.
"We are pleased to be concluding our divestment programme in Germany, enabling Grainger to focus its full attention on its stated strategy of investing in the UK private rented sector," said Helen Gordon, Grainger's chief executive.
By Sam Unsted; [email protected]; @SamUAtAlliance
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