UK residential landlord Grainger, which seeks to invest more into new private rented sector (PRS) homes, has sold its 50% interest in the Walworth Investment Property (WIP) for £67m.
The London-listed firm said it sold its half stake in the 565 homes in South London to its joint venture partner Dorrington.
WIP comprises a mixture of regulated tenancies and market rented homes.
Grainger said the disposal is in line with its strategy to simplify and focus the business, invest more directly on balance sheet, recycle non-core assets and deploy capital towards new private rented sector homes and build to rent schemes.
Helen Gordon, chief executive of Grainger, said: “Today’s transaction follows our strategic plan to simplify and focus the business while supporting our growth in the private rented sector.
“The proceeds will be re-invested into new, purpose-built PRS homes.”
Grainger said the sale proceeds of £67m generate a £7m pretax profit and legal costs and are above the market value of the investment at 31 March 2018.
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