Grainger, the UK's largest listed residential property owner, has exchanged contracts to purchase The Ranton Estate, an agricultural and residential complex in Staffordshire, from its trustees for almost EUR 47 mln. The estate produces an annual rent of just over EUR 1 mln.
Grainger, the UK's largest listed residential property owner, has exchanged contracts to purchase The Ranton Estate, an agricultural and residential complex in Staffordshire, from its trustees for almost EUR 47 mln. The estate produces an annual rent of just over EUR 1 mln.
The property comprises 60 houses and cottages, the majority of which are held under Assured Shorthold Tenancies, along with over 5,200 acres of land. The land is predominantly held under a mixture of Farm Business Tenancies and Agricultural Holdings Tenancies.
Commenting on the acquisition, Grainger's CEO Rupert Dickinson said: 'This transaction underlines our ability to identify opportunities to acquire assets that complement our existing reversionary portfolios and execute them in off-market transactions, thereby ensuring we deliver maximum value to our shareholders.'
