Grainger acquired The Astley, a build-to-rent scheme in Manchester, from M&G Real Estate for €36.3m.
The Astley is a 135-home development featuring a mix of one-, two-, and three-bedroom apartments as well as a rooftop garden. This fully occupied site is close to Grainger’s existing cluster of c. 1,700 rental homes, including properties like Clippers Quay at Salford Quays and The Filaments near Spinningfields.
Helen Gordon, CEO of Grainger, 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.”
This acquisition was facilitated by the sale of an older 80-home private rented sector scheme in London for c. €31.6m, part of Grainger’s asset recycling programme. The capital was reinvested into the higher-yield Manchester development, demonstrating Grainger’s commitment to maximising returns on their investments.
Alex Greaves, head of global living at M&G Real Estate, said: “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.”
Image source - The Astley, Tim Groom Architects
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