The private rented sector fund owned by Grainger and APG has agreed to forward purchase a 134-flat tower in Canning Town, E16.
GRIP Unit Trust will acquire the 16-storey scheme opposite Canning Town Underground station, for £33.3m from Bouygues Development.
It sits on the £600m Hallsville Quarter masterplan (pictured), which is being undertaken by Bouygues Development in partnership with the London borough of Newham.
A PRS covenant has been applied and the permitted use under the lease will be restricted for the first eight years after practical completion for PRS use.
Tracey Hartley, Grainger’s GRIP fund manager, said: “The demand for high-quality rented homes far outweighs supply, and PRS represents a long-term rental income and a stable yield for our investors.”
Bouygues Development has retained a stake in the ownership of the asset, as part of its commitment to the build-to-rent sector.
