Grainger has secured a 600 unit build to rent development in Salford Quays. 600 completed units will be purchased from the developer over the next three years and overall is expected to deliver a 7.6% initial yield on cost. We are encouraged that Grainger has begun to investment into PRS so soon after the Strategy Update (Thursday 28th). Grainger continues to trade at a 15% discount to NNNAV. We retain our BUY recommendation and 295p 12m Target Price.
01 Feb 2016
600 unit build to rent development secured
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600 unit build to rent development secured
Grainger plc (GRI:LON) | 251 -3.8 (-0.6%) | Mkt Cap: 1,863m
- Published:
01 Feb 2016 -
Author:
Andrew Watson -
Pages:
3
Grainger has secured a 600 unit build to rent development in Salford Quays. 600 completed units will be purchased from the developer over the next three years and overall is expected to deliver a 7.6% initial yield on cost. We are encouraged that Grainger has begun to investment into PRS so soon after the Strategy Update (Thursday 28th). Grainger continues to trade at a 15% discount to NNNAV. We retain our BUY recommendation and 295p 12m Target Price.