LONDON (ShareCast) - (Sharecast News) - Listed residential landlord Grainger has completed the acquisition of the entire share capital and shareholder loans in GRIP REIT from its joint venture partner APG, it announced on Friday.
The FTSE 250 company initially said it had conditionally agreed to acquire the entire share capital and shareholder loans in GRIP REIT from APG for £396m on 14 November.

GRIP was a joint venture between the two firms, previously owned 75.1% by APG and 24.9% by Grainger, which comprised 35 private rented sector assets totalling around 1,700 units, with a gross asset value of £696m.

Following the acquisition, Grainger was the 100% owner of GRIP.

"The GRIP portfolio, which we have managed since 2013 and therefore know very well, is an exceptional acquisition," said Grainger chief executive Helen Gordon at the time of the initial announcement.

"It will provide a step change in our investment in the PRS market and generate increased net rental income growth, which in turn will deliver enhanced shareholder returns."

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