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Grainger To Acquire Build-to-rent Scheme In Bristol

Grainger plc (GRI.L) has exchanged conditional contracts to forward fund and acquire the build-to-rent element of the second phase of Redcliff Quarter in Bristol for 128 million pounds. The Group has agreed to acquire the scheme from Redcliff MCC LLP, backed by ICG Real Estate in partnership with Madison Cairn. The scheme is a nine-minute walk from Bristol Temple Meads rail station. Construction is expected to begin in third quarter 2022, with practical completion of the final element targeted for early 2025.

Helen Gordon, CEO of Grainger, said: "We are very pleased to acquire our third build-to-rent scheme in Bristol which will further strengthen our city cluster, bringing our total investment in the city to nearly 900 homes when complete and driving operational efficiencies, whilst also enabling us to deliver 94 new affordable homes via Grainger Trust, our in-house affordable housing arm."

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