5th May 2015 06:29
LONDON (Alliance News) - Residential property company Grainger PLC on Tuesday said it has agreed a deal to sell its interest in the New Sovereign Reversions Ltd portfolio for GBP18.5 million.
FTSE 250-listed Grainger said it has agreed to sell its 50% stake in the portfolio, a joint venture with Moorfield Real Estate Fund II, to an affiliate of private equity group Lone Star Funds.
Grainger said it will make a GBP4.5 million pretax profit on the sale, which comprises 767 properties primarily subject to home reversion plans, based around the UK.
"We are pleased to announce today's sale which was a compelling opportunity to realise an attractive return on our investment and support our joint venture partner's wider strategic activity," said Grainger Chief Executive Andrew Cunningham.
By Sam Unsted; [email protected]; @SamUAtAlliance
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