Grainger PLC Acquisition Update (4397F)
15 July 2019 - 4:00PM
UK Regulatory
TIDMGRI
RNS Number : 4397F
Grainger PLC
15 July 2019
15 July 2019
Grainger plc
("Grainger", the "Company", the "Group")
Acquisition Update
Grainger completes on forward funding of a 216 home PRS
development at Fabrik in Leeds for c.GBP34m
Grainger plc, the UK's largest listed residential landlord and
leader in the UK private rented sector (PRS), announces that the
previously disclosed, yet unnamed transaction in Leeds has now
started on site following satisfaction of the contractual
conditions. The scheme, known as Fabrik, is a 216-home PRS
development (known as 'build to rent') in Leeds which is being
forward funded for c.GBP34m. The developer is Leeds-based Oakapple
Group with Tolent Construction Limited as the building
contractor.
Construction of the scheme, which has full planning consent, has
recently commenced with completion anticipated for late 2021.
Grainger expects this investment to generate a gross yield on cost
of over 6.5% once stabilised.
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
Leeds, providing scale and operational efficiencies.
Helen Gordon, Chief Executive of Grainger, said:
"We are pleased to announce start on site of our latest
investment in Leeds, one of our target regional cities, which will
deliver 216 new high quality, purpose built rental homes. Fabrik
will complement our 242-home Yorkshire Post development, also in
Leeds, thereby providing over 500 PRS units in Leeds once these
schemes are delivered."
Philip Taylor, Chairman of Oakapple Group, said:
"Oakapple are delighted to be working with Grainger on delivery
of this project. As a Leeds business we are particularly pleased to
see a major institution committing further to our City. It is a
vote of confidence in the South Bank and hopefully a catalyst for
further schemes to come forward in the area".
-ENDS-
For further information:
Grainger plc
Julie Deighton
j.deighton@graingerplc.co.uk
London Office Tel: +44 (0) 20 7940 9500
Camarco (Grainger PR)
Ginny Pulbrook / Geoffrey Pelham-Lane
Tel: +44 (0) 20 3757 4992/4985
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END
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