Grainger Acquires Development Site In Cardiff For GBP57 Million

(Alliance News) - FTSE 250-listed Grainger PLC on Thursday said it has agreed to forward fund and ...

Alliance News 5 December, 2019 | 9:19AM
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(Alliance News) - FTSE 250-listed Grainger PLC on Thursday said it has agreed to forward fund and acquire a 307 home project, at Capital Quarter in Cardiff, Wales, for GBP57 million.

Cardiff is a key target city for Grainger, it said, due to its strong economic prospects and growth potential.

The home is currently being developed by IM Properties, with Winvic Construction Ltd acting as contractor.

The residential property provider said, apart from private rental homes, the scheme will deliver a range of amenities for residents, including a rooftop lounge and terrace.

Grainger said it expects this investment to generate a gross yield on cost approaching 7% once stabilised, with completion anticipated in mid-2022.

"We are pleased today to announce this GBP57 million investment to deliver 307 new, high quality, purpose built rental homes in Cardiff, supporting growth in the region, building on our existing portfolio in the South West and leveraging our operational platform," said Chief Executive Helen Gordon.

Grainger shares were trading 0.8% higher in London on Thursday at 280.20 pence each.

By Evelina Grecenko; evelinagrecenko@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Grainger PLC 300.20 GBX -2.47 -

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