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Grainger acquires build-to-rent scheme in Bristol to deliver c.200 PRS homes

Grainger has agreed to acquire a Private Rented Sector (PRS), build-to-rent development at Finzels Reach in Bristol, for €52.8m (£45.7m) from a vehicle backed by clients of Palmer Capital and Cubex Land. Grainger will forward fund the project, while Cubex Land will be the developer and Willmott Dixon will be the contractor. The site, which has planning consent, will deliver 194 private rental homes across two blocks and is expected to complete at the beginning of 2019. It is anticipated to generate a gross yield on cost of c.7% once fully let in 2019.[…]