3 January 2018
Grainger agrees to forward fund and acquire a 237 unit PRS build to rent scheme in Sheffield for c.£32m
Grainger, the UK's largest listed residential landlord, today announces that it has exchanged contracts with Abode Hallam Limited and agreed to forward fund and acquire a private rented sector (PRS), build to rent development, Eccy Village, in Sheffield, comprising 237 new purpose built PRS homes, for c.£32m.
Grainger expects the investment to generate a gross yield on cost of over 7% once stabilised, with completion anticipated by the end of 2019.
Abode Hallam Limited will develop the site to Grainger's specification and Winvic Construction, a Midlands based contractor, will construct the scheme.
Sheffield is a key target city for Grainger's PRS investment strategy due to its strong economic prospects and growth potential and meets Grainger's strict and disciplined investment criteria.
Helen Gordon, Chief Executive of Grainger, said:
'This is the fourth significant PRS acquisition we've announced in the past two months, demonstrating our continued success in finding and securing highly attractive investments in the private rented sector. We are pleased to have secured Eccy Village in Sheffield, which is one of our key target locations. This scheme will see us deliver 237 new high quality, purpose built rental homes, in this growing, vibrant city.'
For further information:
London Office Tel: +44 (0) 20 7940 9500
Newcastle Office Tel: +44 (0) 191 261 1819
Camarco (Grainger PR)
Ginny Pulbrook / Geoffrey Pelham-Lane
Tel: +44 (0) 20 3757 4992/4985