Grainger has bought a major PRS development in Salford Quays, Greater Manchester for £98.7m.
Clippers Quay will deliver more than 600 private rented homes, along with shops and amenity space.
Construction of the scheme, which has detailed planning consent, is expected to begin in spring this year. The development is scheduled to be built over three phases, taking two to three years.
Grainger will acquire the completed development from Amstone Ventures on phased payment terms over the course of the development using existing company financing facilities.
Once fully let, it is estimated it will deliver more than £7.5m of gross rent per year.
Helen Gordon, chief executive of Grainger, said: “This is one of the largest build-to-rent developments outside of London and a major boost to our focus on growing our private rented sector portfolio.”
She added: “Clippers Quay is a highly attractive place to invest, driven by its connectivity and proximity to Manchester and MediaCityUK.”
• To send feedback e-mail louisa.clarence-smith@estatesgazette.com or tweet @LouisaClarence or @estatesgazette
