Grainger has acquired a 135-home build-to-rent (BTR) 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 circa 1,700 rental homes in the region.
The company disposed of an older 80-home PRS asset in London for circa £27m, which enabled it to recycle its capital into The Astley.
Helen Gordon, chief executive officer of Grainger, said: “The Astley is an excellent acquisition. A stabilised, income-producing, high-quality build to rent 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 build to rent assets.
CBRE advised M&G Real Estate on the sale.
