Residential property investment company Grainger Trust has exchanged contracts to acquire a £16.1m residential portfolio, comprising 195 units, from a private client of Aston Rose.
The acquisition is being satisfied through the sale of a £14m commercial property portfolio, comprising two central London office buildings, a business centre in Twickenham and a retail warehouse in Accrington, and £2.1m in cash.
Grainger said the property swap was in keeping with its corporate objective of being a focused residential investment, trading and development business.
Chief executive Rupert Dickinson said: "This deal enables us to fulfil our commitment to dispose of our commercial property investments and focus on the residential sector.
"It also underlines the fact that we are still able to acquire large residential portfolios comprising a significant number of regulated tenancies taking our total number of units to well over the 12,000 with a total vacant possession value of approximately £1.9bn."
Almost half of the portfolio consists of regulated tenancies with the remainder comprising Assured Shorthold Tenancies, life tenancies and ground rents.
References: EGi News 28/01/05
