Dutch asset manager APG and Grainger are converting their UK residential property joint venture into a REIT.
The pair鈥檚 GRIP Unit Trust joint venture, focused on the private rented sector () in London and the southeast of the UK, will become a real estate investment trust.
The vehicle, held 25/75 by Grainger and APG, will hold 拢600m (鈧�716m) of PRS assets, making it the UK鈥檚 largest residential REIT.
Helen Gordon, chief executive of Grainger, said: 鈥淐ombined with GRIP鈥檚 total earmarked investment, we hope to invest more than 拢1.1bn into much-needed housing in UK PRS by 2020.鈥�
APG entered the UK residential property market , buying part of a 拢350m portfolio with Grainger.
The Dutch institution invested 拢158m in GRIP to buy part of G:res1, one of Grainger鈥檚 property funds.
Sarah Slater has been appointed as a director to the GRIP REIT board.
Slater was director of real estate investments in Europe at the Canada Pension Plan Investment Board.
