- Listed residential landlord Grainger Tuesday agreed to forward fund and acquire a 373-home build to rent development at Exchange Square in Birmingham for about £77m.

Grainger expected this investment would generate a gross yield on cost in excess of 6.5% once stabilised, with completion anticipated in 2022, the company said.

'We are delighted to announce today's acquisition at Exchange Square in Birmingham for c.£77m, which will deliver 373 homes for rent in a great central location in one of our top target cities. Birmingham has exciting growth plans and we are pleased to be part of it, said Helen Gordon, Chief Executive of Grainger.

'Once Exchange Square is complete, Grainger will have 529 purpose-built PRS homes in Birmingham worth c.£105m, including our other PRS development scheme, Gilders Yard in the Jewellery Quarter.'

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