9th May 2005 07:00
Grainger Trust PLC9 May 2005 9th May 2005 GRAINGER TRUST ACQUIRES £70M CHURCH COMMISSIONERS RESIDENTIAL PORTFOLIO IN JOINT VENTURE Grainger Trust plc ("Grainger"), the UK's largest quoted residential propertyinvestor, today announces it has exchanged contracts to acquire, in jointventure with the Genesis Housing Group ("Genesis"), a predominantly residentialfreehold property portfolio from the Church Commissioners for a totalconsideration of £70m. Grainger and Genesis have formed Grainger GenInvest LLP ("Grainger GenInvest"),a 50/50 joint venture limited liability partnership, which will acquire theportfolio that comprises 455 residential units and 16 shop properties in MaidaVale, London W9, Waterloo, London SE1, and Stoke Newington N16. The consideration will be satisfied by both Grainger and Genesis eachcontributing upto £15m in cash from their own resources with the balance beingfunded through non-recourse finance raised by Grainger GenInvest. Following completion of the acquisition, which is expected to take place by 24thJune 2005, Grainger will provide asset management services while Genesis,through its subsidiary Pathmeads Housing Association, a Registered SocialLandlord, will manage the individual properties. The residential element of the portfolio consists of approximately 200 regulatedrental units with the remainder being assured tenancies. The shops are locatedunderneath the residential blocks. Rupert Dickinson, Chief Executive of Grainger, commented: "This is anopportunity to jointly acquire a first rate portfolio of rented Londonproperties and to work closely with a highly regarded housing association." Grainger GenInvest was advised by Dickinson Dees and Devonshires while theChurch Commissioners were represented by Knight Frank and Trowers & Hamlins. Contact: Grainger Trust plcRupert Dickinson, Chief Executive. Tel: 020 7795 4700 Andrew Cunningham, Deputy Chief Executive and Finance Director Tel: 0191 261 1819 Baron Phillips AssociatesBaron 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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