Grainger has bought a 231-home build-to-rent development in Bristol for £63.1m.
The forward funding will see Fiera Real Estate-backed Cubex Land develop the site at Finzels Reach and contractor Willmott Dixon build it.
Construction is expected to commence in January 2021, with construction completion targeted for H2 2023.
Grainger already has a 194-home BTR scheme – Hawkins & George – in the city. This latest acquisition takes its number of BTR units in Bristol to almost 500.
Chief executive Helen Gordon said: “This acquisition in Bristol is an exciting addition to our growing portfolio of high-quality rental homes in Bristol, a city which meets our strict investment criteria.
“Demand for high-quality rental homes in Bristol continues to grow, and this scheme will add greater scale to our city cluster, improving our ability to drive efficiencies while delivering a great service to our customers.”
Steven Wright, director of Fiera Real Estate, added: “The sale represents the completion of the second phase of Finzels Reach where Cubex and Fiera Real Estate have developed (or realised) more than £400m of assets. This has converted a derelict, under-utilised part of central Bristol into a thriving hub delivering a vibrant 24/7 community in over 400,000 sq ft of commercial space 400-plus apartments and a new hotel.”
Knight Frank acted for Fiera Real Estate and Cubex Land on the sale.
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