Grainger acquires £31m Manchester BTR scheme
Grainger has acquired a 135-home, stabilised, fully occupied, build-to-rent scheme in Manchester from M&G Real Estate for £31m.
The Astley is located in Manchester’s Northern Quarter and adds to Grainger’s existing cluster of 1,700 rental homes in the region, including Clippers Quay at Salford Quays and the Filaments near Spinningfields.
The company successfully disposed of an older asset of 80-homes in London for £27m, enabling the business to recycle its capital into the Astley, a higher-yielding BTR asset.
Grainger has acquired a 135-home, stabilised, fully occupied, build-to-rent scheme in Manchester from M&G Real Estate for £31m.
The Astley is located in Manchester’s Northern Quarter and adds to Grainger’s existing cluster of 1,700 rental homes in the region, including Clippers Quay at Salford Quays and the Filaments near Spinningfields.
The company successfully disposed of an older asset of 80-homes in London for £27m, enabling the business to recycle its capital into the Astley, a higher-yielding BTR asset.
Chief executive Helen Gordon said: “The Astley is an excellent acquisition – a stabilised, income-producing, high-quality BTR asset of 135 homes within our existing Manchester cluster, supported by our ongoing asset recycling programme.
“Today’s acquisition is earnings accretive and reflects the increasing number of opportunities we are seeing in the market to acquire existing BTR assets.”
Alex Greaves, head of global living at M&G Real Estate, said: “The disposal of the Astley is in line with our ongoing long-term strategy, and we are pleased to work with market participants such as Grainger.
“It is good to see ongoing competition and liquidity in the market for high quality, income producing BTR stock in desirable locations, like the Astley.”
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Photo © Grainger
