Grainger acquires second Leeds BTR scheme

Grainger has acquired a 216-home build-to-rent scheme in Leeds for £34m. The UK’s largest listed residential landlord has agreed to forward fund the scheme, called Fabrik, on Sweet Street in the south of the city. It has acquired the scheme from Leeds-based developer Oakapple Group. The development is currently under construction, with completion expected in late 2021. Grainger expects the investment to generate a gross yield on cost of more than 6.5% once stabilised. Helen Gordon, chief executive of Grainger, said: “Fabrik will complement our 242-home Yorkshire Post development, also in Leeds, thereby providing more than 500 PRS units in Leeds once these schemes are delivered.” Philip Taylor, chairman of Oakapple Group, said: “As a Leeds business we are particularly pleased to see a major institution committing further to our city. “It is a vote of confidence in the South Bank and hopefully a catalyst for further schemes to come forward in the area”. To send feedback, e-mail emma.rosser@egi.co.uk or tweet @EmmaARosser or @estatesgazette