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Grainger to Acquire 108 PRS Build to Rent Homes in Tottenham Hale, London.

M2 EQUITYBITES-November 13, 2018-Grainger to Acquire 108 PRS Build to Rent Homes in Tottenham Hale, London

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13 November 2018 - UK-based residential landlord Grainger plc (LSE: GRI) has agreed to forward fund and acquire a 108 home PRS development in Tottenham Hale, North London for around GBP 41m (USD 53.16m), the company said.

The developer is Waterside Places, a joint venture between national development and urban regeneration specialists, Muse Developments, and the Canal and River Trust.

Waterside Places will develop the site and McLaren will construct the scheme which is the first phase of a wider development.

The scheme which has planning consent is subject to a number of conditions which are to be satisfied prior to construction starting on site, anticipated in early 2019.

Grainger expects this investment to generate a gross yield on cost of between 5.5-6% once stabilised, with completion anticipated in early 2021.

This is a highly attractive investment opportunity and meets Grainger's strict and disciplined investment criteria.

The scheme builds on Grainger's existing portfolio of PRS investments in Haringey which will provide scale and operational efficiencies once practical completion has occurred.

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Publication:M2 EquityBites (EQB)
Geographic Code:4EUUK
Date:Nov 13, 2018
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