Grainger Buys PRS Asset In Newcastle For GBP 57 Mln

Grainger plc. (GRI.L) said that it has acquired The Forge, a stabilised income producing Build-to-Rent asset comprising 283 rental apartments and a ground floor commercial unit via a corporate acquisition, for 57 million pounds from Moorfield Real Estate Fund III.

The purchase price represents a gross yield of 6.25%, which Grainger expects to manage in line with its standard rental margin of over 75%.

It is Grainger's first purpose built, Build-to-Rent investment in its home city of Newcastle, where the company was established in 1912 and remains headquartered.

The Forge, completed in 2019, is the stabilized Build-to-Rent asset in Newcastle. In addition to the 283 residential apartments and commercial unit, the scheme offers 3,500 sq.ft of high-quality resident amenity space.

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