Grainger, the UK's largest residential property owner, has concluded its capital raising activity for G:res1, a market-rented residential investment fund, by selling a EUR 22 mln stake in the fund to Mitsubishi. This takes the total third-party investment in the fund to EUR 234.5 mln, and reduces Grainger's equity stake to EUR 63 million, or 21.6%.
Grainger, the UK's largest residential property owner, has concluded its capital raising activity for G:res1, a market-rented residential investment fund, by selling a EUR 22 mln stake in the fund to Mitsubishi. This takes the total third-party investment in the fund to EUR 234.5 mln, and reduces Grainger's equity stake to EUR 63 million, or 21.6%.
Achmea, LGPI, Norsk Hydro and Swiss Re have already take stakes in the fund. Commenting on the expanding investor base, Grainger's CEO Rupert Dickinson said: 'While the capital markets are challenging, for commercial property in particular, we continue to be encouraged by the support from respected investors regarding the long-term attractions of our management ability in the residential sector.' The fund’s current property investment value stands at EUR 641.5 mln, equating to a Net Asset Value of EUR 336 mln.