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| Grainger acquires Genesis's share in Grainger GenInvest Grainger plc, the UK's largest quoted residential property company, announces that it has acquired Genesis Housing Group's (Genesis) 50% share in Grainger GenInvest Partnerships (Grainger GenInvest) along with associated subordinated loan notes for a total consideration of £15m, financed out of existing Company resources. The transaction will make Grainger the sole owner of the portfolio. On completion of the transaction, the Grainger GenInvest Partnerships secured new debt facilities of £120m from HSBC and Santander which enabled existing lenders to exit. Grainger GenInvest was created in June 2005 between Grainger and Genesis, each owning 50% of the joint venture, and now consists of eight high quality residential blocks in central London, consisting of 1630 units of which 470 are regulated tenancies and 301 are assured tenancies. The portfolio is consistent with Grainger's focus on high quality reversionary assets in areas offering prospects of capital growth. The assets also currently generate a gross rent roll of approximately £12m. The current market value of the underlying assets is approximately £285m. write your comments about the article :: © 2011 Construction News :: home page |