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

New PRS scheme at Guildford Station
RNS Number : 8716S
Grainger PLC
14 July 2020
 

14 July 2020

Grainger plc

("Grainger", the "Company", the "Group")

 

 

 

Acquisition

 

 

Grainger agrees to forward fund and acquire a 98-home, PRS scheme at Guildford Station for c.£37m

 

 

 

Grainger plc, the UK's largest listed residential landlord and leader in the UK private rented sector (PRS), today announces that that it has agreed to forward fund and acquire a 98-home PRS development (known as 'build to rent') at Guildford Station in Surrey for c.£37m. The developer is Solum Regeneration ( Solum Regeneration (Guildford) LLP) , a joint venture between Network Rail and Kier.

 

The investment builds on Grainger's cluster of PRS investments nearby in Hampshire (the total of which will be c.310 homes when this scheme is complete) and is located next to extensive transport links provided by Guildford Railway Station. The scheme forms part of the wider £150m station redevelopment scheme, which will comprise c.£25m of station improvements, c.440 new homes in total, a 412 space multi-story car park, 36,000 sq/ft of retail space and c.20,200 sq/ft of office space.

 

Guildford has strong rental market fundamentals and is home to a number of major, corporate employers including Barclays, Phillips Electronics and Sony, but currently has no existing professionally-run build-to-rent housing. With an estimated 44% of the population in rental accommodation, this scheme is expected to be in high demand amongst local renters. 

 

The transaction is subject to the satisfaction of several conditions. Once these have been satisfied and the transaction becomes unconditional, anticipated in mid-2021, construction will commence.

 

Grainger expects this investment to generate a gross yield on cost approaching c.5.5% once stabilised, with completion anticipated in early 2023. This is a highly attractive investment opportunity which meets Grainger's disciplined investment criteria.

 

Helen Gordon, Chief Executive of Grainger, said:

 

"Today's acquisition in Guildford is an exciting addition to our growing portfolio of high-quality rental homes across the country. Demand for renting in areas like Guildford continues to grow, and this scheme will add to our cluster of nearby assets in Hampshire which will stand at over 300 rental homes, improving our ability to drive efficiencies while delivering a great service to our customers."

 

 

 

 

-ENDS-

 

 

For further information:

 

Grainger plc

Kurt Mueller

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

 

Camarco (Grainger PR)

Ginny Pulbrook / Geoffrey Pelham-Lane

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
 
 
ACQGPUPGMUPUGQW
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