Built to rent specialist signs £141m deal
Grainger has agreed a £141 million deal to forward fund and acquire a major build to rent scheme in Southall, west London.
The UK’s largest listed residential landlord will deliver the 401-home Merrick Place scheme, designed by architec Cartwright Pickard, which is part of a wider 575-home development by Network Homes.
The 401 homes funded by Grainger will be within three blocks operating as a standalone build to rent development. In addition to this there will be a 22 storey building retained by Network, which will contain 132 homes for shared ownership and 42 for affordable rent.
Merrick Place is expected to complete in mid-2025, with work due to start later this year. The development will also deliver 2,100 sqm of offices and 318 sqm of flexible commercial space.
Grainger has a rental portfolio worth around £3bn and a £2bn development pipeline.
Helen Gordon, chief executive officer of Grainger, said: “We are pleased to work with Network Homes to bring forward Merrick Place to deliver 401 new, high quality, purpose built rental homes in Southall. Merrick Place is an excellent addition to our existing portfolio in and around West London and will benefit from both operational efficiencies and opening of Crossrail.
“This acquisition marks a further exciting investment for Grainger as we continue to deliver on our strategy in the fast-growing UK build-to-rent sector.”
Grainger last month raised £209m from shareholders as it purses a growth strategy. Last year it said it wants to double its portfolio in five years.