Grainger has bought a PRS estate at Kew Bridge Court, W4, for £57.3m from a partnership managed by Bruce Ritchie’s Residential Land.
Based on current price paid and income data, the asset has a gross yield of around 5%.
The 2.2-acre estate includes 94 flats, four houses and 80 car parking spaces in Kew Bridge.
It was bought through GRIP, the fund owned by Grainger and Dutch pension fund APG.
The acquisition follows Grainger’s announcement on 28 January that it planned to invest more than £850m in the UK private rented sector over the next 3-5 years.
Helen Gordon, chief executive of Grainger, said: “Kew Bridge Court is a high quality PRS portfolio in a very attractive and highly sought after area of London.
“This portfolio demonstrates further acceleration of growth in our PRS business and the support we have from our investment partner, APG, to continue to expand GRIP’s portfolio in London and the South East.”
Knight Frank acted for Grainger.
• To send feedback e-mail louisa.clarence-smith@estatesgazette.com or tweet @LouisaClarence or @estatesgazette
