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Grainger Plc Announces Joint Venture with Dorrington to Acquire a Portfolio of South London Residential Property for GBP 111 Million


Monday, 13 May 2013 02:00am EDT 

Grainger Plc announced that it has created with Dorrington a 50:50 joint venture, Walworth Investment Properties Limited, which has been formed to acquire a portfolio of South London residential property for GBP 111 million. The portfolio was previously wholly-owned by Grainger plc. The portfolio comprises 598 residential units and two commercial units, and produces gross rental income of approximately GBP 6 million per annum, reflecting a gross yield of circa 5.3%. The joint venture has arranged a non-recourse debt facility of GBP 60 million. The assets have been sold into the JV at Grainger's carrying value of GBP 111 million. Taking into account the debt finance, Grainger's investment of GBP 28 million in the joint venture, and allowing for working capital requirements, the immediate impact on Grainger's net debt will be a reduction of GBP 83 million. 

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206.8
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29 Aug 2014