Grainger Trust, the UK’s largest quoted residential property owner, has bought a 308-unit residential portfolio in Munich, Germany for €32m (£.21.4m) from an unnamed German vendor
The 206,670 sq ft (19,200 sq m) portfolio also includes 12 commercial units and 147 car parking spaces. The annual rental income is €1.95m (£1.30m). Following this acquisition Grainger now owns more than 3,000 residential units in Germany with a value of more than €200m (£134m).
Grainger has also just opened its first German office in Mannheim which it said marks the latest step in the company’s growth in Germany.
Cameron Spry, head of European operations for Grainger said: ‘This signals an important step forward for Grainger. We see a significant portion of our future growth in continental Europe and this latest acquisition underpins our strategy in a key German market.’
Rupert Dickinson, chief executive of Grainger, said of its office in Mannheim: ‘Physically positioning ourselves within the German market will open up many more opportunities for us to expand our operations and build our brand in the country.’
Grainger Trust will announce its preliminary results for the year to 30 September
2006 on 28 November 2006.