Grainger, the UK’s largest quoted residential property owner, has bought the Ranton Estate in Staffordshire for £34.55m.

Grainger bought the 5,200 acre estate from its trustees in an off-market deal.

Rupert Dickenson, Grainger’s chief executive, said the deal showed the company’s ability to act opportunistically.

Maximum value

'This transaction underlines our ability to identify opportunities to acquire

assets that complement our existing reversionary portfolios and execute them in

off-market transactions, thereby ensuring we deliver maximum value to our

shareholders,' he said.

Most of the land is held under Farm Business and Agricultural holdings tenancies.

The annual rent ofthe estate is £762,000 a year.