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Grainger JV acquires development

24 July 2017 07:32

A joint venture between Grainger and the Local Pensions Partnership has acquired a private rented sector build-to-rent development in Pontoon Dock, London.

Grainger said the development formed a new gateway to the Thames Barrier Park in the London Borough of Newham and would deliver 236 high-quality homes, with the majority specifically built for the private rented sector.

Vesta, a joint venture between Grainger, the UK's largest listed residential landlord, and the Local Pensions Partnership, the not-for-profit pension services organisation, has entered into a forward funding agreement with Linkcity (formerly Bouygues Development) to acquire the 154 PRS units within the Pontoon Dock scheme.

In addition, Grainger, through its For Profit Registered Provider of social housing, will acquire the remaining 82 units (35%) of the scheme which will be affordable homes.

Grainger will have a 20% equity share of Vesta and will generate long-term fees for management of the PRS units, while LPP will hold the remaining 80% stake. LPP is managing the investment on behalf of the London Pensions Fund Authority (LPFA).

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