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Grainger in £63m deal to buy 261 home development
Residential landlord Grainger said it had conditionally agreed to buy a 261 home private rented sector, build-to-rent development in Milton Keynes from Peveril Securities for c.£63m.
Grainger said it expected the investment to generate a gross yield on cost of around 6.25% once stabilised, with completion anticipated in the second half of 2021.
"This is a highly attractive investment in central Milton Keynes with strong future growth prospects and meets Grainger's strict and disciplined investment criteria," the company said.
The scheme has planning consent, and the transaction is conditional on the completion of a new adjacent YMCA as part of the first phase of the wider development which is expected in Q3 2019 prior to construction starting on site, it added.