24
JULY 2024
Grainger acquires The Astley,
a £31m stabilised build-to-rent asset in
Manchester
Grainger plc, the UK's largest
listed residential landlord with a c.£3.4bn operational portfolio
of c.11,153 rental homes and a £1.5bn pipeline of a further c.5,000
purpose-built rental homes, today announces the £31m acquisition of
a 135-home stabilised, fully occupied build-to-rent scheme within
its Manchester cluster from M&G Real Estate.
The Astley is centrally located in
Manchester's Northern Quarter and adds to Grainger's existing
cluster of c.1,700 rental homes in the region, including Clippers
Quay at Salford Quays and The Filaments near
Spinningfields.
Today's £31m acquisition was
supported by Grainger's ongoing accelerated Asset Recycling
Programme. The company successfully disposed of an older PRS asset
of 80-homes in London for c.£27m, enabling the business to recycle
its capital into The Astley, a higher yielding, build to rent asset
within one of its strategic cluster locations.
Helen Gordon, Chief Executive Officer of Grainger,
said:
"The Astley is an excellent
acquisition. A stabilised, income-producing, high-quality build to
rent asset of 135 homes within our existing Manchester cluster,
supported by our ongoing asset recycling programme. Today's
acquisition is earnings accretive and reflects the increasing
number of opportunities we are seeing in the market to acquire
existing build to rent assets."
- ENDS -
For
further information, please contact:
Investor relations
Kurt Mueller, Director of Corporate
Affairs, Grainger plc:
+44 (0) 20 7940 9500
Media
Julie Deighton, Director of
Communications, Grainger
plc: +44 (0)
20 7940 9500
Ginny Pulbrook / Geoffrey Pelham-Lane,
Camarco:
+44 (0) 20 3757 4992 / 4985