LONDON (dpa-AFX) - Grainger plc (GRI.L), a residential landlord, Monday said it has acquired a 231-home forward fund build to rent development in Bristol for about 63.1 million pounds.
Cubex Land is the development manager, backed by Fiera Real Estate. Willmott Dixon Construction Limited has been appointed as the contractor.
Grainger expects the latest investment to generate a gross yield on cost of c.6% once stabilised. Construction is expected to commence in January 2021, with construction completion targeted for second half of fiscal 2023.
Bristol developer Cubex purchased the site in 2016 on behalf of Fiera Real Estate Opportunity Fund IV (UK), a programmatic joint venture by Fiera Real Estate that is exclusive to clients of CBRE Global Investment Partners.
Helen Gordon, Chief Executive of Grainger, said, 'Demand for high-quality rental homes in Bristol continues to grow, and this scheme will add greater scale to our city cluster, improving our ability to drive efficiencies while delivering a great service to our customers.'
Knight Frank acted for Fiera Real Estate and Cubex Land.
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