UK - Grainger is to manage portfolios of insolvent residential assets in the UK on behalf of Lloyds Banking Group.
The listed residential property manager has signed contracts with the lender to undertake its Residential Asset Management Platform (RAMP).
Grainger said the deal was the first of its kind in the UK and its appointment was based on its UK-wide expertise and existing asset management platform.
The company currently manages a portfolio in the UK comprising approximately 20,000 residential assets.
Grainger will receive fees based on rent, disposals and shared success fees, thereby aligning its interests with those of any administrator or receiver of any assets placed into the RAMP.
Grainger's fund and asset management and property services teams, led by fund manager Alex Greaves and deputy managing director of property services Anish Thobhani, worked on the winning bid, leading to Grainger's appointment by Lloyds.
Nick Jopling, executive property director at Grainger, said: "This is an important milestone for Grainger, and we are excited to have been selected by Lloyds to work on the creation and management of RAMP.
"This transaction plays to Grainger's unique skill set and established track record of managing residential assets across the UK.
"The offer that our property services and asset management teams brought together to the bid clearly demonstrates that Grainger's operational platform offers real value enhancement in residential investment.
"The transaction will deliver to Grainger a recurring income stream with the potential for further upside without the need to commit any group equity or debt."