Earlier today, On November 14th, Grainger announced that it would acquire the entire shares and its shareholder loans in GRIP REIT plc. The acquisition would be done from its joint venture partner, APG for $515 million (£396 million)
GRIP REIT plc is a joint venture(JV) between APG and Grainger wherein APG owned 75.1 of its shares. The company has a gross value of £696 million and has 35 PRS assets.
Grainger would be the sole owner of GRIP after the acquisition is done.
Helen Gordon, the CEO of Grainger Plc, stated that he is pleased to announce the acquisition which would help the company accelerate its growth strategy into the UK private rented sector.
He stated that the company has been managing the GRIP portfolio since 2013 and would be an exceptional acquisition for the company. The acquisition would result in enhanced shareholder returns and also increase net rental income.