Grainger has exchanged on sale of its German residential portfolio business to Heitman for €124m (£94m).
Heitman, which had a jv partner with Grainger on another German business, will now take full equity control of the residential portfolio.
The purchase price consists of €55m in cash and a further €69m in assumed debt.
The portfolio, known as FRM, consists of 1,595 homes across 110 assets in western Germany.
It generated a gross rental income of €7.8m but a loss before tax of €0.9m in the last financial year.
The sale releases further capital towards Grainger’s new PRS strategy.
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