Grainger Plc and APG's joint venture, GRIP REIT, agreed to forward fund and acquire a build-to-rent, private rented sector development in Milton Keynes, U.K., from High Street Group for a price tag of £30.5 million.

The purchase is expected to rake in a gross yield on cost of more than 6% once it is operational, according to a news release.

United Living was appointed as the contractor for the approximately 90,000-square-foot development, which comprises 139 homes, residential amenities, commercial space, 170 bicycle storage lots and 120 parking spaces.

The latest deal follows Grainger and the Local Pensions Partnership's joint venture's forward funding agreement with Linkcity to purchase 154 private rented sector homes at the Pontoon Dock development in London.