Grainger PLC Acquisition (8818P)
June 23 2022 - 2:00AM
UK Regulatory
TIDMGRI
RNS Number : 8818P
Grainger PLC
23 June 2022
23 June 2022
Grainger plc
("Grainger", the "Company", the "Group")
Acquisition
Grainger agrees to acquire its third build-to-rent investment in
Bristol for GBP128m
Grainger plc, the UK's largest listed residential landlord with
9,793 operational rental homes and a further 9,962 build-to-rent
homes in its GBP2.4bn pipeline, today announces that it has
exchanged conditional contracts to forward fund and acquire the
build-to-rent element of the second phase of 'Redcliff Quarter' in
Bristol which comprises 374 private rental (PRS) homes, as well as
94 affordable homes and six commercial units.
Grainger has agreed to acquire the scheme from Redcliff MCC LLP,
backed by ICG Real Estate in partnership with Madison Cairn. Winvic
Construction Limited has been appointed as contractor for the
scheme. Winvic built Grainger's Brook Place development in
Sheffield and is also delivering the Copper Works in Cardiff for
Grainger.
In addition to the 374 PRS homes and 94 affordable homes at
Redcliff Quarter, the scheme includes a total of c.5,900 sq. ft of
internal residents' amenity space; c.21,200 sq. ft of external
amenity space; c.8,500 sq. ft of commercial space; and 31 car
parking spaces. A further six commercial units totalling c.15,800
sq. ft have also been acquired as part of the transaction.
The site is located within the central Redcliffe district of
Bristol and forms part of the second and final phase of 'Redcliff
Quarter', a wider residential-led, mixed use masterplan
development. The scheme is a nine-minute walk from Bristol Temple
Meads rail station.
Construction is expected to commence in Q3 2022, with practical
completion of the final element targeted for early 2025. It is
anticipated that the scheme, including the commercial element, will
generate a gross yield on cost of c.6% once fully let and
stabilised.
In line with Grainger's cluster strategy, Redcliff Quarter
builds on Grainger's existing Bristol portfolio, which includes
Hawkins & George, comprising 194 build-to-rent homes, and
Millwrights Place which will comprise 231 build-to-rent homes when
complete in early 2024.
Helen Gordon, Chief Executive Officer 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."
-ENDS-
For further information:
Grainger plc
Helen Gordon/ Rob Hudson / Kurt Mueller
London Office Tel: +44 (0) 20 7940 9500
Newcastle Office Tel: +44 (0) 191 261 1819
Camarco (Grainger PR)
Ginny Pulbrook / Geoffrey Pelham Lane
Tel: +44 (0) 20 3757 4992/4985
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END
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