Grainger joint venture buys 195-home build to rent scheme in London
Grainger PLC on Monday announced a scheme that it said will ‘further strengthen’ its London portfolio.
The Newcastle-upon-Tyne, England-based residential landlord said its Connected Living London joint venture with Places for London, the property arm of Transport for London, agreed to forward-fund and acquire a 195-home build-to-rent scheme in Chiswick, West London.
It marks Grainger’s first build-to-rent collaboration with a major housebuilder, the company said.
Grainger said the development to be delivered by FTSE 100 housebuilder Barratt Redrow PLC has detailed planning consent and regulatory approval to begin construction. It will provide 195 rental homes, including 95 discounted market rent units, alongside commercial space and resident amenities such as co-working facilities and a gym.
The purchase price is £68.4 million, with Grainger funding 51% under the JV structure.
Returns are expected to be in line with Grainger’s targets for London schemes, and the company will also receive asset-management fees.
Construction begins in the first quarter of 2026, with practical completion due in late 2028 and leasing set to begin from late 2028 into early 2029.
Chief Executive Helen Gordon said: ‘This scheme further strengthens our London portfolio, complements our growing cluster in West London and demonstrates continued momentum in Connected Living London, our partnership with Places for London, delivering professionally managed, purpose-built rental homes across the capital.’
Grainger shares rose 1.2% to 191.60 pence each on Monday morning in London.
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