Grainger PLC snaps up The Forge in Newcastle as private rented interest spikes


PLC () acquired the Forge in Newcastle, a build-to-rent project of 283 rental apartments plus a commercial unit for £57mln from Moorfield Real Estate Fund III.

Based in Newcastle, this is ‘s first purpose build-to-rent investment in its home city.

The Forge, completed in 2019, offers 3,500 sq. ft. of resident amenity space, including an onsite gym, residents lounge and flexible co-working spaces.

Grainger’s acquisition comes as another build-to-rent specialist Sigma Capital was acquired by a consortium funds run by property investor PineBridge Benson Elliot, highlighting the spike in demand for private rented sector (PRS) projects.

Grainger said the purchase price represents a gross yield of  around 6.25%.

Helen Gordon, Chief Executive of Grainger, said: “We are very pleased to have acquired a stabilised build-to-rent opportunity that meets Grainger’s high standards and is located in our home city of Newcastle.

“The Forge is proven as a great place to live, and, provides us with immediate rental income, further boosting our ambitious growth plans.”



Read MoreGrainger PLC snaps up The Forge in Newcastle as private rented interest spikes

0 0 vote
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments
0
Would love your thoughts, please comment.x
()
x