Grainger plc, the UK’s largest listed residential landlord, has exchanged contracts with Abode Hallam Limited after agreeing a deal to acquire a Private Rented Sector (PRS) build-to-rent development at Eccy Village in Sheffield for £32m.
Grainger will forward fund the project, while Abode Hallam Limited will be the developer and Winvic Construction will be the contractor.
The site, which has planning permission for the construction of 237 private rental homes, is expected to complete at the tail end of 2019.
Helen Gordon, chief executive of Grainger, said: “This is the fourth significant PRS acquisition we’ve announced in the past two months, demonstrating our continued success in finding and securing highly attractive investments in the private rented sector.
“We are pleased to have secured Eccy Village in Sheffield, which is one of our key target locations.
“This scheme will see us deliver 237 new high quality, purpose built rental homes, in this growing, vibrant city.”