Member Article

Newcastle’s Grainger continues accelerated PRS growth with £10.4m acquisition

Newcastle-based Grainger plc has acquired a residential property portfolio of 112 private rented sector (PRS) units for £10.4m.

The residential property owner and manager revealed that the portfolio, which comprises five sites located in Newcastle, Whitley Bay and Leeds, with generate an estimated rental value of £694k per annum.

Today’s announcement means that Grainger has now acquired over 1,000 PRS units with a market value of c.£94m since 1 October 2014, bringing the value of the company’s total UK PRS portfolio to over £925m of assets under management.

The firm released a statement on the stock exchange this morning, which said: “Today’s acquisition is further demonstration of the company’s continued acceleration of growth in its PRS business.”