South: Bond Dickinson advises Grainger on £58m property deal

Lawyers at Bond Dickinson have advised Grainger plc on the sale of a south London portfolio to GRIP Unit Trust (GRIP), the Grainger-managed private rented residential fund. 

The Tilt portfolio, comprising over 300 residential units in East Dulwich was sold to GRIP for £58.4 million. GRIP, one of the UK’s largest private rented residential property funds, was created in early 2013 by Grainger and APG, Europe’s largest pension fund asset manager.

The sale of Tilt will reduce debt while allowing Grainger to retain an equity interest in the portfolio and benefit from increased management fees.

The team from Bond Dickinson was led by experts from the firm’s residential, corporate, and employment teams.

Adam McGhin, group legal counsel at Grainger, said: “This is an important transaction for Grainger and we are very pleased to have worked with the experienced team at Bond Dickinson. Their knowledge of residential property and resource were key benefits which allowed us to compete the deal in the required timescale.”

Nigel Emmerson, head of residential real estate at Bond Dickinson, said: “We are pleased to have advised long-standing client Grainger on the sale of the Tilt portfolio. This is one of many significant transactions we’ve helped them to achieve and we hope the sale will allow them to reap rewards through additional fee revenue and reduced gearing.”

The portfolio was originally purchased via a corporate acquisition in 2007. Grainger’s net cash inflow from the transaction is £54.5m and the sale was completed on August 6.