Grainger acquires build-to-rent scheme in Newcastle

Sara Kirsch Sara Kirsch Uploaded 14 June 2021

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UK: Grainger has purchased The Forge, a build-to-rent scheme in Newcastle, from Moorfield Real Estate Fund III.

The Forge, which was completed in 2019, contains 283 apartments and is located on Forth Banks in the city centre.

The building also has 3500 square feet of amenities spaces, which are filled with amenity options for guests. These amenities include co-working spaces, a gym, and a resident’s lounge. The ground floor also houses a commercial space.

Chief executive of Grainger, a listed residential landlord company, Helen Gordon, said: "We are very pleased to have acquired a stabilised build-to-rent opportunity that meets Grainger's high standards and is located in our home city of Newcastle.”

Grainger acquired the property for £57 million and was advised by Womble Bond Dickinson throughout the acquisition.

Gordon said: "The Forge is proven as a great place to live, and, provides us with immediate rental income, further boosting our ambitious growth plans."

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