I Agree

We have updated our Privacy and Cookie Policy. By clicking "I Agree" below, you acknowledge that you accept our Privacy and Cookie Policy and Terms of Use.

PLEASE TELL US A LITTLE ABOUT YOURSELF SO THAT WE CAN DISPLAY THE MOST
APPROPRIATE CONTENT TO YOU:

This site uses cookies. Some of the cookies are essential for parts of the site to operate and have already been set. You may delete and block all cookies from this site, but if you do, parts of the site may not work. To find out more about cookies used on Trustnet and how you can manage them, see our Privacy and Cookie Policy.

By clicking "I Agree" below, you acknowledge that you accept our Privacy Policy and Terms of Use.

For more information Click here

Login

Register

It's look like you're leaving us

What would you like us to do with the funds you've selected

Show me all my options Forget them Save them
Customise this table
Share   Print      RSS

Grainger PLC (GRI)

Grainger PLC

Acquisition of Capital Quarter, Cardiff for c.£57m
RNS Number : 7382V
Grainger PLC
05 December 2019
 

05 December 2019

 

Grainger plc

 

Acquisition

 

 

Grainger agrees to forward fund and acquire a 307 home, PRS scheme at Capital Quarter, Cardiff for c.£57m

 

 

Grainger plc, the UK's largest listed provider of private rental homes, today announces that it has agreed to forward fund and acquire a 307 home, PRS development (known as 'build to rent') at Capital Quarter in Cardiff for c.£57m.

 

IM Properties, one of the UK's largest privately-owned property companies, is the developer of the scheme and Winvic Construction Ltd is the contractor.

 

In addition to the 307 private rental homes, the scheme will also deliver a range of amenities for residents, including a rooftop lounge and terrace. 

 

The site is positioned within close proximity of Cardiff Central station and the city centre.

 

Cardiff is a key target city for Grainger's PRS investment strategy due to its strong economic prospects and growth potential. Despite strong rental market fundamentals, the city has a limited amount of amenitised, purpose-built, build-to-rent housing. Cardiff also benefits from a large number of major employers including the BBC, HMRC and PwC.

 

The scheme has been acquired on an unconditional basis and is now included in Grainger's secured pipeline.

 

Grainger expects this investment to generate a gross yield on cost approaching 7% once stabilised, with completion anticipated in mid-2022. This is a highly attractive investment opportunity which meets Grainger's disciplined investment criteria.

 

Helen Gordon, Chief Executive of Grainger, said:

 

"We are pleased today to announce this £57m investment to deliver 307 new, high quality, purpose built rental homes in Cardiff, supporting growth in the region, building on our existing portfolio in the South West and leveraging our operational platform."

 

Iain McArthur, Director Residential Capital Markets at IM Properties, said:

 

"We are pleased to have secured a deal with Grainger. This scheme will set a new benchmark for residential rental property in Cardiff and is the first of a number of high-quality PRS sites our in-house project team is delivering, working alongside our residential and strategic land operations to maximise our existing £1 billion portfolio."

 

 

 

-ENDS-

 

For further information:

 

Grainger plc

Helen Gordon/ Vanessa Simms/ Kurt Mueller

London Office Tel: +44 (0) 20 7940 9500

Newcastle Office Tel: +44 (0) 191 261 1819

 

Camarco (Grainger PR)

Ginny Pulbrook / Geoffrey PelhamLane

Tel: +44 (0) 20 3757 4992/4985

 

 

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
ACQCKPDKKBDKQBK
Data provided by FE fundinfo. Care has been taken to ensure that the information is correct, but FE fundinfo neither warrants, represents nor guarantees the contents of information, nor does it accept any responsibility for errors, inaccuracies, omissions or any inconsistencies herein. Past performance does not predict future performance, it should not be the main or sole reason for making an investment decision. The value of investments and any income from them can fall as well as rise.

You are currently using an old browser which will not be supported by Trustnet after 31/07/2016. To ensure you benefit from all features on the site, please update your browser.   Close