UK: Grainger has acquired a £31 million stabilised 135-unit BTR asset in Manchester.
The Astley, in Manchester’s Northern Quarter, was acquired from M&G Real Estate.
The deal adds to its existing portfolio of around 1,700 rental homes in the region, including Clippers Quay at Salford Quays and The Filaments near Spinningfields.
Grainger, as part of its asset recycling programme, recently disposed of an older 80-unit property in London for about £27 million, using the capital for The Astley.
Chief executive Helen Gordon said: “The Astley is an excellent acquisition. A stabilised, income-producing, high-quality build to rent asset of 135 homes within our existing Manchester cluster, supported by our ongoing asset recycling programme. Today’s acquisition is earnings accretive and reflects the increasing number of opportunities we are seeing in the market to acquire existing build to rent assets.
Alex Greaves, head of global living at M&G Real Estate, added: “The disposal of the Astley is in line with our ongoing long-term strategy, and we are pleased to work with market participants such as Grainger. It is good to see ongoing competition and liquidity in the market for high quality, income producing BTR stock in desirable locations like the Astley.”
CBRE advised M&G Real Estate on the sale.
