PROJECT RESI

Sold For £58.3M

PNFT has sold a residential property portfolio to Grainger plc in a deal worth £58.3m. The acquisition includes 614 apartments and townhouses from across the UK.

The Manchester office of Gateley provided legal representations, acting on behalf of PNFT, with Allsops and Zameero acting as agents.

Tim Theakston, partner at Allsop, said “‘While interest in the Private Rented Sector remains strong, the supply of quality residential investment portfolios coming to the market continues to frustrate the sector. Having built up a substantial income producing portfolio it was therefore natural for our Client to take advantage of this demand, and sell a quality regional portfolio, benefitting from the rental income and gross yield actively being sought by purchasers such as Grainger”.

Rod Waldie, real estate partner at Gateley, said: “This is a significant private rented sector transaction and one that the firm is delighted to be involved in. Our team has worked closely with the PNFT throughout its acquisition and development of its residential portfolio, alongside other asset classes. I’m sure that this transaction is the start of another successful year for the Trust.”

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