Britain’s biggest listed residential landlord has agreed to buy out a Dutch pension fund from a joint venture in a big expansion of its property portfolio.
Grainger, which has more than 8,000 rental properties, will take full ownership of Grip Reit, which owns 1,700 homes in 35 properties across London and the South East, from APG.
The FTSE 250 group has agreed to pay £396m to acquire the 75.1% of the real estate investment trust that it does not already own.
The purchase, which is subject to shareholder approval, will be funded by a £346.7m rights issue fully underwritten by JP Morgan Cazenove and Numis. The issue is at a 39% discount to Tuesday’s closing price of 291p.
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