Grainger plc, the UK’s largest listed residential landlord, has acquired a Private Rented Sector (PRS), build-to-rent development at Finzels Reach in Bristol, for £45.7m, from a vehicle backed by clients of Palmer Capital and Cubex Land.
Grainger will forward fund the project, while Cubex Land will be the developer and Willmott Dixon will be the contractor.
The site, which has planning permission for the construction of 194 private rental homes across two blocks, is expected to complete at the start of 2019.
Helen Gordon, chief executive of Grainger, said: “We are pleased to announce further significant progress in our PRS investment strategy by agreeing to forward fund a 194 home, build-to-rent scheme at Finzels Reach in Bristol, a location which we believe has strong market prospects and excellent growth potential."
Grainger, which has a portfolio of residential rental property assets worth more than £2.7bn, has been one of the property industry’s top stock market performers this year.
With the arrival of Gordon as chief executive earlier this year, Grainger has set its sights on becoming the UK’s leading private landlord by focusing on private rented homes.