24 JULY 2024

Grainger acquires The Astley, a £31m stabilised build-to-rent asset in Manchester

Grainger plc, the UK's largest listed residential landlord with a c.£3.4bn operational portfolio of c.11,153 rental homes and a £1.5bn pipeline of a further c.5,000 purpose-built rental homes, today announces the £31m acquisition of a 135-home stabilised, fully occupied build-to-rent scheme within its Manchester cluster from M&G Real Estate.

The Astley is centrally located in Manchester's Northern Quarter and adds to Grainger's existing cluster of c.1,700 rental homes in the region, including Clippers Quay at Salford Quays and The Filaments near Spinningfields.

Today's £31m acquisition was supported by Grainger's ongoing accelerated Asset Recycling Programme. The company successfully disposed of an older PRS asset of 80-homes in London for c.£27m, enabling the business to recycle its capital into The Astley, a higher yielding, build to rent asset within one of its strategic cluster locations.

Helen Gordon, Chief Executive Officer 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."

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For further information, please contact:

Investor relations

Kurt Mueller, Director of Corporate Affairs, Grainger plc:              +44 (0) 20 7940 9500

Media

Julie Deighton, Director of Communications, Grainger plc:          +44 (0) 20 7940 9500

Ginny Pulbrook / Geoffrey Pelham-Lane, Camarco:                     +44 (0) 20 3757 4992 / 4985