Grainger has agreed a £32m deal to forward fund and buy a 237-home private rented sector scheme, Eccy Village, in Sheffield.
Abode Hallam will develop the scheme, which Grainger expects to generate a gross yield on cost of more than 7% once stabilised, with completion anticipated by the end of 2019.
Grainger said Sheffield is a key target city for its PRS investment strategy due to its “strong economic prospects and growth potential” and meets Grainger’s “strict and disciplined investment criteria”.
Helen Gordon, chief executive of Grainger, said: “This is the fourth significant PRS acquisition we’ve announced in the past two months, demonstrating our continued success in finding and securing highly attractive investments in the private rented sector.”
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