Grainger buys property portfolio for GBP10.4m

Residential property owner and manager Grainger has acquired a residential property portfolio of 112 private rented sector (PRS) units for around £10.4m.

The company said the portfolio comprises five sites located in Newcastle, Whitley Bay and Leeds, with an estimated rental value of around £694,000 per year.

“Today's acquisition is further demonstration of the company's continued acceleration of growth in its PRS business,” it said.

Including this announcement, Grainger has acquired over 1,000 PRS units with a market value of around £94m since 1 October 2014, bringing the value of the company's total UK PRS portfolio to over £925m of assets under management.

At 0827 GMT, Grainger shares were down 0.4% at 250.60p.