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Grainger acquires forward fund build to rent scheme in Bristol for £63.1m
StockMarketWire.com
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Listed residential landlord Grainger said it had acquired a forward fund build to rent development in Bristol for about £63.1 million, with Cubex Land as development manager, backed by Fiera Real Estate.
Willmott Dixon Construction had been appointed as the contractor.
Construction was expected to commence in January 2021, with completion targeted for the second half of 2023, the company said.
Grainger said it expected this investment to generate a gross yield on cost of about 6% once stabilised.
'This is a highly attractive investment opportunity which meets Grainger's strict investment criteria and will further boost Grainger's investments in Bristol, a key target city,' it added.
Story provided by StockMarketWire.com
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