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Sign in Sign up for a FREE subscriptionGrainger to buy GRIP REIT for £396m
U.K. residential landlord Grainger has agreed to buy out Dutch pension investor APG’s majority stake in GRIP REIT for £396 million ($514.6 million).
GRIP, a joint venture between Grainger and APG, was 75.1 percent owned by APG and 24.9 percent by Grainger.
Grainger seeks to invest more into new private rented sector (PRS) homes.
GRIP’s portfolio comprises 35 PRS assets (1,700 PRS units) with a gross asset value of £696 million ($903 million) and a PRS pipeline of £382 million ($496 million). Following the acquisition, Grainger’s PRS investment pipeline will total £1.37 billion ($1.78 billion).
