Grainger buys property portfolio for GBP10.4m

28th Oct 2015 08:24

(ShareCast News) - Residential property owner and manager Grainger has acquired a residential property portfolio of 112 private rented sector (PRS) units for around £10.4m.The company said the portfolio comprises five sites located in Newcastle, Whitley Bay and Leeds, with an estimated rental value of around £694,000 per year."Today's acquisition is further demonstration of the company's continued acceleration of growth in its PRS business," it said.Including this announcement, Grainger has acquired over 1,000 PRS units with a market value of around £94m since 1 October 2014, bringing the value of the company's total UK PRS portfolio to over £925m of assets under management.At 0827 GMT, Grainger shares were down 0.4% at 250.60p.