Grainger to fund, buy Cardiff development for £57m
Grainger, the UK's largest listed provider of private rental homes, said it had agreed to forward fund and buy a 307 home development in Cardiff for £57m.
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The company on Thursday said it expected the investment to generate a gross yield on cost approaching 7% once stabilised, with completion anticipated in mid-2022.
“Cardiff is a key target city for Grainger's private rental sector investment strategy due to its strong economic prospects and growth potential. Despite strong rental market fundamentals, the city has a limited amount of amenitised, purpose-built, build-to-rent housing,” Grainger said in a statement.