- Listed residential landlord Grainger said it had agreed to forward fund and acquire a private rented sector development at Guildford Station in Surrey for about £37m.

The developer was Solum Regeneration, a joint venture between Network Rail and Kier.

The investment, a 98-home PRS development known as 'build to rent,' would build on Grainger's cluster of PRS investments nearby in Hampshire and was located next to extensive transport links provided by Guildford Railway Station.

The transaction, subject to the satisfaction of several conditions, was expected to be completed in mid-2021, following which construction would commence.

Grainger expected this investment to generate a gross yield on cost approaching about 5.5% once stabilised, with completion anticipated in early 2023.

At 8:24am: [LON:GRI] Grainger PLC share price was -4.8p at 286.4p

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