A company statement says that, although the portfolio generates no income for Grainger, the Trust will receive full vacant possession of the properties over time. The current vacant-possession value of Grainger's interest in the portfolio is estimated at euro 29.2 million ($36.9 million).
Firm spokespeople also add that the acquisition, "enhances Grainger's involvement in the life-tenancy market, which it believes has excellent growth prospects." The portfolio is located throughout the UK, with the exception of Scotland, with approximately 22% of the package in London and the South East.
Grainger Trust is the UK's largest public-housing property investor, with £1.7 billion in assets. In addition to the 12,000 apartment properties it owns, the company also manages more than 1,000 for asset management firm Schroders. Grainger's strategy is to invest in tenanted rental homes and then sells them when they become available.
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