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Grainger agrees to sell majority of remaining German resi assets

agreed to offloadthe majority of its remaining residential properties in Germany to for a grossconsideration of approximately €53 million.

Theportfolio consists of around 1,100 units located in the North Rhine-Westphaliaregion, according to an April 13 filing.

Thedivestment is in line with the U.K.-based company's strategy of exiting Germanyto focus on investment in the private rented sector back home, where itplans to invest morethan £850 million by 2020.

Followingthe deal with LEG Immobilien, expected to close in the coming months subject toregulatory approval, the company will have less than €11 million of remainingassets in Germany. More than half of the remaining assets are also under offerfor sale, according to the company.

Thecompany said it has offloaded a majority of its German business interests for atotal gross consideration of around €225 million during the financial year.It added that it expects "a modest profit" from the divestments.

InNovember 2015, the company agreedto exit a German joint venture with Heitman and sell it to a "large"German investor for approximately €136 million.