RNS Number : 5506X
Grainger PLC
24 July 2024
 

24 JULY 2024

A picture containing text, clipart Description automatically generated

 

Grainger acquires The Astley, a £31m stabilised build-to-rent asset in Manchester

 

 

Grainger plc, the UK's largest listed residential landlord with a c.£3.4bn operational portfolio of c.11,153 rental homes and a £1.5bn pipeline of a further c.5,000 purpose-built rental homes, today announces the £31m acquisition of a 135-home stabilised, fully occupied build-to-rent scheme within its Manchester cluster from M&G Real Estate.

 

The Astley is centrally located in Manchester's Northern Quarter and adds to Grainger's existing cluster of c.1,700 rental homes in the region, including Clippers Quay at Salford Quays and The Filaments near Spinningfields.

 

Today's £31m acquisition was supported by Grainger's ongoing accelerated Asset Recycling Programme. The company successfully disposed of an older PRS asset of 80-homes in London for c.£27m, enabling the business to recycle its capital into The Astley, a higher yielding, build to rent asset within one of its strategic cluster locations.

 

Helen Gordon, Chief Executive Officer of Grainger, said:

 

"The Astley is an excellent acquisition. A stabilised, income-producing, high-quality build to rent asset of 135 homes within our existing Manchester cluster, supported by our ongoing asset recycling programme. Today's acquisition is earnings accretive and reflects the increasing number of opportunities we are seeing in the market to acquire existing build to rent assets."

 

 

 

- ENDS -

 

For further information, please contact:

 

Investor relations

Kurt Mueller, Director of Corporate Affairs, Grainger plc:              +44 (0) 20 7940 9500

 

Media

Julie Deighton, Director of Communications, Grainger plc:          +44 (0) 20 7940 9500

Ginny Pulbrook / Geoffrey Pelham-Lane, Camarco:                     +44 (0) 20 3757 4992 / 4985

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
ACQPPUCUMUPCPUW