UK residential property fund GRIP, a joint venture by Grainger and Dutch asset manager APG, has acquired a residential estate in London for £57.3 mln (€73.8 mln).
UK residential property fund GRIP, a joint venture by Grainger and Dutch asset manager APG, has acquired a residential estate in London for £57.3 mln (€73.8 mln).
Kew Bridge Court comprises 94 flats, four houses and 80 car parking spaces, predominately privately rented properties, in the W4 postal district. The asset was acquired from a partnership managed by Residential Land.
Grainger, which has a 25% share in the partnership, said the acquisition was part of its strategy of investing £850 mln in the private rented sector over the next three to five years, with the ambition of becoming the UK’s leading private landlord.
The 0.9 ha site also has development potential, with planning consent for five additional units. Grainger said it expected to achieve gross rental income of £3 mln per annum and good potential for rental growth and capital appreciation.
Helen Gordon, CEO of Grainger, said: ‘This portfolio demonstrates further acceleration of growth in our PRS business and the support we have from our investment partner, APG, to continue to expand GRIP’s portfolio in London and the south-east.’
Established in 2013, the GRIP fund has a PRS portfolio of around 1,800 units, focused on London and the south-east, and a gross asset value in excess of £500 mln. Grainger provides asset and property management services for the portfolio. APG is the asset manager for the €356 mln Dutch civil service pension fund ABP.
