2nd Mar 2006 07:00
Grainger Trust PLC02 March 2006 FOR IMMEDIATE RELEASE 2nd March 2006 GRAINGER JOINT VENTURE ACQUIRES £167M CHURCH COMMISSIONERS RESIDENTIAL PORTFOLIO Grainger Trust plc ("Grainger") today announces that, in a joint venture withGenesis Housing Group ("Genesis"), it has exchanged contracts to acquire 976predominantly residential properties from the Church Commissioners for a totalconsideration of £167m. Completion is anticipated within the next few weeks. Subsidiaries of Grainger and Genesis have formed Grainger GenInvest No. 2 (2006)LLP ("Grainger GenInvest"), a new 50/50 joint venture limited liabilitypartnership to acquire a London-based portfolio located in Waterloo, WinchesterPark, Vauxhall, Walworth (all south London) and Pimlico. Of the total, 327units are held under regulated tenancies while the remainder are assured andother tenancies. The consideration is intended to be satisfied by contributions from both membersof Grainger GenInvest contributing up to £10m in cash from their existingresources with the balance funded by Grainger GenInvest through non-recoursefinance. Grainger GenInvest intends to continue the programme of improvements initiatedby the Church Commissioners and to that end it plans to allocate resources to beinvested in the portfolio over the next five years. Following completion of the acquisition a subsidiary of Grainger will provideasset management services to the portfolio and the day-to-day management of theportfolio will be undertaken by Pathmeads Housing Association, a subsidiary ofGenesis, one of the UK's oldest and most respected social landlords. Rupert Dickinson, Chief Executive of Grainger, said: "We are delighted thatthrough Grainger GenInvest we are able to acquire a first class residentialportfolio. It also reflects well on our ability to responsibly manage portfoliosin the best interests of both our tenants and our shareholders." Ends Contact: Grainger Trust plc Rupert Dickinson, Chief Executive Tel: 020 7795 4700 Andrew Cunningham, Deputy Chief Executive and Finance Director Tel: 0191 261 1819 Baron Phillips Associates Baron Phillips Tel: 020 7920 3161 07050 124119 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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