Europe

Grainger sells out of German assets

Residential developer sells to LEG in order to focus on UK housing investment sector

Grainger has sold the majority of its remaining German residential portfolios to LEG Immobilien AG for €53m (£42m).

The move comes as the landlord looks to simplify its business to focus on investment in the UK private rented sector.

The portfolio comprises 1,100 residential units located in the Northrhine-Westphalia region. It generated a gross rental income of €4m and a loss before tax of €3.7m in the last financial year.

Over the course of the financial year, the company has sold the bulk of its German business interests for around €225m, and overall it expects to achieve a modest profit from its divestment in Germany.

Helen Gordon, chief executive of Grainger, said: “We are pleased to be concluding our divestment programme in Germany, enabling Grainger to focus its full attention on its stated strategy of investing in the UK private rented sector.”

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