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Grainger exits majority of remaining German portfolio

Grainger has sold the majority of its remaining German residential property portfolios to the listed German residential investment company, LEG Immobilien AG, for a gross consideration of c.€53.0m (c.£42.4m). The portfolio was previously valued at c.€56.3m (c.£45m). The transaction will generate a loss of c.€3.7m including fees, which will be treated as a non-recurring item. The portfolio comprises c.1,100 residential units located in the Northrhine-Westphalia region. It generated a gross rental income of €4.0m (£3.0m) and a loss before tax of €3.7m (£2.7m) in the last financial year.Taking account of this transaction which is expected to complete in coming months following regulatory approval by the German Federal Cartel Offi...[…]