LONDON (dpa-AFX) - Grainger plc (GRI.L) has agreed to forward fund a 132-home PRS development in the Hallsville Quarter development at Canning Town, London for approximately 55.5 million pounds. This project is Grainger's third in Canning Town. Construction will commence in late 2021. Grainger expects the investment to generate a gross yield on cost of 5.5 percent once stabilised, with completion anticipated in late 2024.
Helen Gordon, Chief Executive of Grainger, said: 'We are pleased to further strengthen our London presence with this acquisition, which will deliver 132 high quality homes for rent. Upon completion of this project, Grainger's east London cluster will comprise 748 purpose-built homes.'
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