Newcastle property giant Grainger plc to acquire 373-home scheme for £77m
Residential property giant Grainger plc is buying a 373-home PRS development in Birmingham.
The Newcastle-headquartered company has this morning (December 18) announced a deal to forward fund and acquire the scheme, part of the new Exchange Square urban village, for around £77m.
The transaction is subject to several conditions the developer behind the project, Nikal Limited, must meet, including securing planning.
Once the conditions are satisfied, expected in mid 2019, the deal will become unconditional and construction will get underway.
According to Grainger, the building will serve as a major landmark for people arriving at the Curzon Street HS2 station, located opposite.
Grainger chief exec Helen Gordon said: “We are delighted to announce today’s acquisition at Exchange Square in Birmingham for c.£77m, which will deliver 373 homes for rent in a great central location in one of our top target cities.
“Birmingham has exciting growth plans and we are pleased to be part of it. Once Exchange Square is complete, Grainger will have 529 purpose-built PRS homes in Birmingham worth c.£105m, including our other PRS development scheme, Gilders Yard in the Jewellery Quarter.”
The scheme is due for completion in 2022.
Birmingham City Council’s Corporate Director, Waheed Nazir, commented: “The skyline in Birmingham City Centre is changing rapidly and investment and confidence is at an all-time high.
“The desire for people to live in the city forms part of our exciting future. This investment by Grainger is testimony to the global positioning of Birmingham.”
He added: “The residential development at Exchange Square reinforces the direct benefits of HS2 and the Curzon masterplan.”
Nikal MD Nick Payne said: “We are delighted to be working with Grainger on the final phase of Exchange Square.
“The announcement is made after months of careful design to create an exemplary PRS development. We hope work will begin in mid 2019.”
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