LONDON—Grainger and Dorrington have acquired a portfolio of South London residential properties for $169 million (£111M). The two firms partnered in a 50/50 joint venture, Walworth Investment Properties Limited, which has been formed to buy the portfolio which was previously wholly-owned by Grainger plc.
The portfolio comprises 598 residential units and two commercial units, and produces gross rental income of approximately $9 million (£6m) annually, reflecting a gross yield of circa 5.3%.
“We know Dorrington well and consider them to be a high quality partner, with whom we share a similar long term investment view,” said Nick Jopling, executive director of property at Grainger. “As partners, we plan to build on our strong relationship with the residents of the Walworth Estate to ensure that we continue to improve the portfolio and maximize the opportunity from the investment. This is a unique portfolio, with strong prospects, and we look forward to working with Dorrington to deliver a good service and enhance value.”
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
