Grainger has moved completed buying a majority stake in German residential property company FranconoRheinMain.

In January, Grainger, the UK’s largest quoted residential property company, announced it had exchanged contracts to buy a 54% shareholding in the company from Franconofurt.

Grainger is paying E22.8m (£17.9m) for the shareholding.

More shares to buy

The company expects to spend a further E15.3m (£12m) on other shares tendered or acquired so far.

The shares are being bought through Grainger’s wholly owned subsidiary Grainger FRM GmbH.

The company said that, as of yesterday, it had received acceptances for approximately 85% of Franconofurt's shares.

German law

Under German law the remaining shareholders will have the opportunity to tender their shares during an acceptance period which starts next Monday.

‘FranconoRheinMain's high-quality portfolio is highly complementary to our existing German assets and the addition of the properties it contains provides us with an opportunity to generate strong returns,’ said Grainger chief-executive Rupert Dickenson.

Grainger will now have an interest in approximately 6,800 units in Germany with a market value of close to E500m (£393m).