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| Grainger acquire portfolio of 309 units in London British residential property firm Grainger plc has acquired the entire shareholding in The Tilt Estate Company Limited, which owns over 300 residential units, for £47.9 million. The total property portfolio is valued at £62.5 million and is located in East Dulwich, London, SE22, with the majority of properties situated around a private garden square. Two thirds of the properties are subject to assured shorthold tenancies and over 50 are subject to regulated or assured tenancies. They therefore increase and strengthen Grainger's existing portfolios. In addition, the portfolio is in line with the Company's acquisition criteria, as it offers a number of opportunities for Grainger's in-house property and asset management teams to add value. This is particularly significant to ensure the benefits from any potential long term upside in this improving area are delivered. The portfolio currently generates a total rent roll of £2.2 million per annum. A number of the properties are currently vacant and therefore offer immediate opportunities to enhance income and the assets' underlying value. The purchase, from Wainford Holdings Limited, has been funded from existing facilities. write your comments about the article :: © 2007 Construction News :: home page |