Grainger has bought a 192-home private rented sector portfolio in Manchester for £26m from Cabot Square Capital.
The UK’s largest listed residential landlord said it expects the investment to generate a gross yield on cost of close to 7%.
It added that Manchester is a key city for its PRS investment strategy because of its strong growth potential and economic prospects.
Helen Gordon, chief executive of Grainger, said: “Our latest investment in one of our key target locations, Manchester, delivers 192 high-quality rental homes, building on our existing portfolio in and around the area, leveraging off our operational platform and local management office.”
JLL advised Cabot Square Capital.
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