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Grainger closes £396M buyout of Grip REIT

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Grainger closes £396M buyout of Grip REIT

U.K.-based residential property company Grainger PLC said it closed on Dec. 20 the acquisition of the entire share capital and shareholder loans in Grip REIT PLC from joint venture partner APG.

The company signed a £396 million buyout deal in November for ordinary shares, shareholder loans and minority interests that it did not already own in the real estate investment trust, which at the time was owned 75.1% by APG and 24.9% by Grainger.

Grainger recently completed a 7-for-15 rights issue to finance the deal.