Grainger and APG have created a new REIT as the holding company for its PRS joint venture GRIP.
With a property portfolio of more than £600m, GRIP will be the UK’s largest residential REIT with an investment focus on PRS assets in London and the South East.
The REIT will not involve any change to either party’s economic interest in the joint venture.
GRIP has more than £400m of additional investment earmarked by 2020, which would bring GRIP’s portfolio size to about 3,000 rental homes, worth more than £1bn.
The joint venture has also announced the appointment of Sarah Slater as a director to the GRIP REIT board.
Slater was previously director of real estate investments Europe at the Canada Pension Plan Investment Board. She has previously held senior positions at ING Real Estate Investment Management and Henderson Global Investors.
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