Grainger makes acquisition
North East landlord Grainger has bought Genesis Housing Group’s 50% share in Grainger GenInvest Partnerships, a central London residential joint venture that owns 1,630 homes.
The Newcastle company has paid £15m to buy out the Genesis share and associated subordinated loan notes in the JV, which was set up in June 2005.
The transaction will make Grainger the sole owner of the portfolio, valued at £285m, and isfinanced out of existing company resources.
Andrew Cunningham, Grainger’s chief executive said it had taken a “rare opportunity” in acquiring so many units within four miles of Westminster.
He said: “It is a natural and positive step for Grainger to acquire the remaining 50% of this joint venture, which Grainger is familiar with and firmly committed to.
“It will allow us to ensure that residents continue to receive the same high level of service and commitment that they have come to expect.
“This transaction is consistent with our strategy to acquire high quality portfolios of residential assets which deliver good long-term returns. The fact that we already know the portfolio in-depth made this even more appealing.”