X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.