Grainger buys three PRS buildings in city for £26m
The UK’s largest listed residential landlord Grainger has bought three private rented sector blocks in Manchester for £26m from Cabot Square Capital.
Newcastle-headquartered Grainger expects the investments to generate a gross yield approaching 7%.
Chief executive Helen Gordon said: “We are pleased today to announce our latest investment in one of our key target locations, Manchester, which delivers 192 high quality rental homes, building on our existing portfolio in and around the area, leveraging off our operational platform and local management office.”
The deal follows yesterday’s announcement of Grainger’s acquisition of Gilder’s Yard in Birmingham, comprising 156 purpose built PRS homes for about £28m.
