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LONDON-Grainger Trust has sold a £70 million ($110 million) residential portfolio to Schroders’ Residential Property Unit Trust. The properties had been bought by Grainger as part of its acquisition of residential specialist BPT in May 2001 in a joint venture with Deutsche Bank Real Estate Private Equity Group.

The portfolio comprises a total of 756 flats in modern apartment blocks spread throughout the major UK cities. The purchase brings the ResPUT portfolio to more than £115 million ($180 million). At the same time Grainger is investing £7 million ($11 million) in ResPUT, giving it an 8% interest. Grainger will become an asset advisor to ResPUT providing strategic advice on acquisitions and disposals.

Rupert Dickinson, Grainger’s Deputy Managing Director, said: ‘The sale of the Assured Shorthold Tenancy portfolio is in line with our stated BPT disposal strategy. However the exciting aspect of the transaction is that not only does BPT continue to undertake the property management of this excellent portfolio but it allows Grainger to share its expertise in the residential property sector with a leading institutional investment manager.”Jones Lang LaSalle Corporate Finance acted for Grainger.

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