and APG have establishedGRIP REIT PLC, a new entity that the duo claims to be the biggest residential REITin the U.K., with more than £600 million of initial assets.

The partnerscreated the U.K. REIT asthe new holding company for their GRIPjoint venture, a private-rented-sector investment vehicle. Grainger owns about 25%of the joint venture, while APGowns the remainder.

The newlyformed REIT's investment focus will be on PRS assets in London and the South Eastof England.

Morethan £400 million of additional investment by 2020 has been earmarked for the REITto bring its portfolio to approximately 3,000 rental homes worth more than £1 billion.

Accordingto the release, Grainger pledged £850 million on-balance sheet investment by 2020to the new REIT.

In addition,Sarah Slater joined the GRIP REIT board as a director. She most recently was directorof real estate investments for Europe at the Canada Pension Plan Investment Board.Slater also served in seniorroles at ING Real Estate Investment Management and Henderson Global Investors.