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Grainger to Acquire 11,000 Sq Ft of London Commercial Space for GBP 55m 
Monday 02 December 2019

2 December 2019 - UK-based private rental company Grainger plc (LSE: GRI) has agreed to forward fund a 132-home build-to-rent (PRS) development in Canning Town for approximately GBP 55.5m (USD 71.75m), the company said.

The development includes approximately 11,000 sq ft of commercial space, which will be developed by Linkcity, with Bouygues UK the building contractor. This is the fifth PRS scheme Linkcity and Bouygues UK will deliver for Grainger.
Construction will commence in late 2021. Grainger expects this investment to generate a gross yield on cost of 5.5% once stabilised, with completion anticipated in late 2024.

This project is Grainger's third in Canning Town, and is positioned just 100 metres from Argo Apartments, and adjacent to Grainger's second development in Hallsville Quarter, announced earlier this year.

This third phase further strengthens Grainger's existing cluster of PRS investments in east London, which also includes Abbeville Apartments in Barking and Millet Place at Pontoon Dock.
Date Published: 02/12/2019
Target: 132-home build-to-rent (PRS) development in Canning Town/ forward fund
Country: UK
Deal Size: 71.75m (USD)
Sector: Construction/Real Estate
Type: LBO
Financing: Cash
Status: Agreed
Buyer: Grainger plc