Mon, 05/11/2012 - 12:20
Grainger has completed the sale of a portfolio of 366 residential properties on behalf of administrators Ernst and Young for GBP39.1m to Europa Capital and Addington Capital.
This sale marks the largest portfolio sale by Grainger through the Residential Asset Management Platform (RAMP), developed by Lloyds Banking Group. Grainger has managed this portfolio and others, totalling 3,000 properties, since 2011.
This is the second sale from RAMP of an investment portfolio, with the other sales being of individual properties through private sales to owner occupiers and small scale buy to let investors. The previous investment sale comprised 274 income producing properties for GBP10.8m. The remainder of the sales through RAMP have been as individual property sales to private owner occupiers and small scale buy-to-let investors. Total sales through RAMP now stand at GBP145m for 1,477 units.
RAMP provides combined asset management and property management on residential portfolios for select third parties, including Ernst and Young, Deloitte, KPMG, BDO and BNP Paribas.
The properties in today’s investment portfolio sale are located in a number of regions, including 11 cities. The 366 assets within the portfolio are primarily student houses, of which 302 are tenanted.
Alex Greaves (pictured), Grainger’s director of RAMP, says: “Today’s sale demonstrates the ability of Grainger to identify and secure value in a challenging housing market. The assets disposed comprise an income producing portfolio aimed at the investor seeking critical mass and a strong and robust income stream.
“Despite ongoing negative sentiment on the state of economy, we continue to see new investors attracted to the residential market in pursuit of attractive income returns. Grainger clearly provides a valuable service to the market, demonstrated by its success so far in managing assets within RAMP, and we look forward to securing further mandates.”
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