Grainger PLC Project Update (0427B)
September 18 2018 - 2:01AM
UK Regulatory
TIDMGRI
RNS Number : 0427B
Grainger PLC
18 September 2018
LEI: 2138007CEIRKZMNI2979
18 September 2018
Grainger plc
Project Update
Grainger signs GBP52m construction contract on its Newbury PRS
scheme
Grainger plc, the UK's largest listed residential landlord,
today announces that it has appointed Engie Regeneration Limited as
the main contractor to Grainger's Newbury PRS scheme, which will
deliver 232 new homes for rent and improved pedestrian access from
Newbury train station to the town centre.
Construction on the scheme, being developed by Grainger in
partnership with West Berkshire Council and Network Rail, is
expected to begin before the end of this calendar year and complete
in 2021.
The signing of the construction contract at Newbury signifies an
increase to Grainger's secured PRS investment pipeline by
GBP61m.
Grainger expects this scheme to generate a gross yield on cost
in excess of c.6.25% once stabilised. Newbury is an attractive
location for investment due to its strong employment and well
serviced transportation links and with major improvement works
underway by Network Rail.
Helen Gordon, Chief Executive of Grainger, said:
"We are pleased to announce this key milestone for our Newbury
PRS scheme, which increases our secured investment pipeline to over
GBP800m. This scheme will deliver 232 high quality new homes for
rent to Newbury, and it will significantly improve the gateway to
Newbury and connection to the railway station and station
amenities."
-ENDS-
For further information:
Grainger plc
Kurt Mueller
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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