Grainger PLC New PRS scheme at Guildford Station (8716S)
14 Luglio 2020 - 8:00AM
UK Regulatory
TIDMGRI
RNS Number : 8716S
Grainger PLC
14 July 2020
14 July 2020
Grainger plc
("Grainger", the "Company", the "Group")
Acquisition
Grainger agrees to forward fund and acquire a 98-home, PRS
scheme at Guildford Station for c.GBP37m
Grainger plc, the UK's largest listed residential landlord and
leader in the UK private rented sector (PRS), today announces that
that it has agreed to forward fund and acquire a 98-home PRS
development (known as 'build to rent') at Guildford Station in
Surrey for c.GBP37m. The developer is Solum Regeneration ( Solum
Regeneration (Guildford) LLP) , a joint venture between Network
Rail and Kier.
The investment builds on Grainger's cluster of PRS investments
nearby in Hampshire (the total of which will be c.310 homes when
this scheme is complete) and is located next to extensive transport
links provided by Guildford Railway Station. The scheme forms part
of the wider GBP150m station redevelopment scheme, which will
comprise c.GBP25m of station improvements, c.440 new homes in
total, a 412 space multi-story car park, 36,000 sq/ft of retail
space and c.20,200 sq/ft of office space.
Guildford has strong rental market fundamentals and is home to a
number of major, corporate employers including Barclays, Phillips
Electronics and Sony, but currently has no existing
professionally-run build-to-rent housing. With an estimated 44% of
the population in rental accommodation, this scheme is expected to
be in high demand amongst local renters.
The transaction is subject to the satisfaction of several
conditions. Once these have been satisfied and the transaction
becomes unconditional, anticipated in mid-2021, construction will
commence.
Grainger expects this investment to generate a gross yield on
cost approaching c.5.5% once stabilised, with completion
anticipated in early 2023. This is a highly attractive investment
opportunity which meets Grainger's disciplined investment
criteria.
Helen Gordon, Chief Executive of Grainger, said:
"Today's acquisition in Guildford is an exciting addition to our
growing portfolio of high-quality rental homes across the country.
Demand for renting in areas like Guildford continues to grow, and
this scheme will add to our cluster of nearby assets in Hampshire
which will stand at over 300 rental homes, improving our ability to
drive efficiencies while delivering a great service to our
customers."
-ENDS-
For further information:
Grainger plc
Kurt Mueller
London Office Tel: +44 (0) 20 7940 9500
Camarco (Grainger PR)
Ginny Pulbrook / Geoffrey Pelham-Lane
Tel: +44 (0) 20 3757 4992/4985
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END
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