Grainger makes first BTR deal in home city of Newcastle

Grainger has bought a 283-flat build-to-rent site in Newcastle, marking its first purpose-built BTR investment in its home city. The deal sees Grainger buy The Forge from private equity group Moorfield for £57m, representing a gross yield of 6.25%. The building also includes a ground-floor commercial unit and 3,500 sq ft of amenity space, including a gym, lounge and co-working space. It is the city’s only stabilised BTR asset. Helen Gordon, Grainger’s chief executive, said: “We are very pleased to have acquired a stabilised build-to-rent opportunity that meets Grainger’s high standards and is located in our home city of Newcastle. The Forge is proven as a great place to live, and, provides us with immediate rental income, further boosting our ambitious growth plans.” To send feedback, e-mail tim.burke@eg.co.uk or tweet @_tim_burke or @EGPropertyNews Photos from Grainger