Member Article

Grainger deal for £160 million London property portfolio

Newcastle-headquartered property firm Grainger have acquired a portfolio of London residential property in a deal worth £160 million.

The deal includes 61 houses across upmarket addresses such as Knightsbridge and Chelsea and Grainger now have the properties earmarked for refurbishment or modernisation works.

The portfolio currently generates around £1.94 million in rents per year.

Andrew Cunningham, chief executive of Grainger plc, said: “This is a rare and exciting opportunity. It is a very attractive portfolio in one of the most prestigious locations in London and it includes a high concentration of regulated tenancies, a sector in which Grainger has had a long and successful history of investing.

“Leveraging this experience and the skills within our unique operating platform to manage and enhance residential property, I am confident that we will generate significant value from the portfolio on behalf of our shareholders over time.”

This was posted in Bdaily's Members' News section by Tom Keighley .