14th Jul 2020 09:52
(Alliance News) - Residential property firm Grainger PLC said Tuesday it has agreed to forward fund and acquire a 98-home private rented sector development at Guildford Station in Surrey for GBP37 million.
The developer of the scheme is Solum Regeneration, a joint venture between national railway firm Network Rail and construction firm Kier Group PLC.
The scheme forms part of the GBP150 million station redevelopment scheme, which comprises GBP25 million of station improvements, 440 new homes in total, a 412-space multi-storey car park, 36,000 square feet of retail space and 20,000 square feet of office space.
The transaction is subject to several conditions, which are expected to be satisfied in mid-2021, immediately after which construction will start.
"Today's acquisition in Guildford is an exciting addition to our growing portfolio of high-quality rental homes across the country. Demand for renting in areas like Guildford continues to grow, and this scheme will add to our cluster of nearby assets in Hampshire which will stand at over 300 rental homes, improving our ability to drive efficiencies while delivering a great service to our customers," said Chief Executive Helen Gordon.
Shares in Grainger were down 0.4% at 290.00 pence on Tuesday in London.
By Dayo Laniyan; [email protected]
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