Grainger to acquire 75% stake of GRIP REIT, from its joint venture partner APG Asset Management for £396m

Grainger, the UK's largest listed residential landlord, conditionally agreed to acquire the entire share capital and shareholder loans in GRIP REIT plc, residential REIT, from its joint venture partner, APG, for £396 million. GRIP is a joint venture between Grainger and APG, currently owned 75.1% by APG and 24.9% by Grainger, which comprises 35 PRS assets (c.1,700 units) with a gross asset value of £696 million. Following the acquisition, Grainger will become the 100% owner of GRIP. Helen Gordon, Chief Executive of Grainger plc, said: "These actions will reinforce Grainger's position as the UK market leader in the private rented sector and will deliver enhanced shareholder returns going forward as we deliver our pipeline of PRS investments."