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Grainger Agrees To Forward Fund And Buy 98-home PRS Development At Guildford Station For C.£37 Mln

Grainger plc (GRI.L), on Tuesday, said it agreed to forward fund and acquire a 98-home PRS development at Guildford Station in Surrey for about £37 million. The developer is Solum Regeneration, a joint venture between Network Rail and Kier.

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

The company expects this investment to generate a gross yield on cost approaching about 5.5% once stabilised, with completion anticipated in early 2023.

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