Partner Article

Grainger confirms new joint venture

NEWCASTLE-headquartered landlord Grainger has confirmed the creation of a joint venture after receiving a £17.5m bid for a 50% share in the new entity.

Grainger subsidiary Grainger Equity Release Limited (GERL) agreed to the joint venture with Moorfield Real Estate Fund II to run Sovereign Reversions plc earlier this year.

As a result GERL has now received a £17.5m offer for its 50% stake in Sovereign from Moorfield, which will also contribute an additional sum to cover 50% of the associated acquisition and integration costs.

GERL and Moorfield will hold an equal representation on the Sovereign board, with Peter Couch and Paul Barber representing GERL and Graham Sidwell representing Moorfield.

This was posted in Bdaily's Members' News section by Ruth Mitchell .