Grainger, a UK listed residential property company, has completed the sale of 271 retirement home properties.
Grainger, a UK listed residential property company, has completed the sale of 271 retirement home properties.
The portfolio was sold for £18.3 mln (€21.5 mln) to London-based Places for People.
The properties are mainly located in the south and southeast of England, and comprised part of Grainger's £474 mln retirement solutions portfolio.
David Shaw, group Director, Development at Places for People said: 'This acquisition is part of a wider strategic programme to move into the retirement living sector, and consolidate and expand our stock in key areas. It will enable us to continue to offer a broad mix of housing alongside domiciliary care and lifestyle services, assistive technology and bespoke financial products to an older population, which is set to grow by 55% in the next 20 years.'
Dickinson Dees advised Grainger on the sale, and Eversheds advised Places for People.
Places for People is a London-based company that owns or manages 81,000 homes in the UK. Its assets are valued at more than £3 bn.
