The GRIP property fund, in which Grainger has a 25% interest, has acquired a PRS portfolio in Kew Bridge, London for £57.3m. The site is an unbroken portfolio of 94 flats, 4 houses and 80 parking spaces; expected to deliver c.£3m gross rental income p.a.. There is development and asset management potential with existing planning permission for 5 additional units. We are encouraged that Grainger has secured a tenanted acquisition, although this is a small contribution to the £850m strategic targe ....

09 Feb 2016
GRIP fund makes £57m London PRS acquisition

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GRIP fund makes £57m London PRS acquisition
Grainger plc (GRI:LON) | 264 13.2 1.9% | Mkt Cap: 1,960m
- Published:
09 Feb 2016 -
Author:
Andrew Watson -
Pages:
3 -
The GRIP property fund, in which Grainger has a 25% interest, has acquired a PRS portfolio in Kew Bridge, London for £57.3m. The site is an unbroken portfolio of 94 flats, 4 houses and 80 parking spaces; expected to deliver c.£3m gross rental income p.a.. There is development and asset management potential with existing planning permission for 5 additional units. We are encouraged that Grainger has secured a tenanted acquisition, although this is a small contribution to the £850m strategic targe ....