Grainger sells stake in FRM Germany for €124 million
It followed the sale of its German joint venture with Heitman at the end of last year and is the another step in the FTSE 250 company's exit from its German operations to simplify the business.
The FRM Portfolio will be acquired by Heitman's newly launched close-ended fund, Heitman European Residential Investment Partners, for €55m (£42m), with the buyer assuming debt of c.€69m (c.£52m).
It's German business platform Grainger Deutschland will be acquired by Heitman for a nominal sum.
Grainger chief executive Helen Gordon said the sale will help the company focus on the UK private rented sector.
"We are pleased that Heitman has identified our platform and these assets as an attractive starting point for its new European residential fund.
"The sales process for our remaining German assets is underway and we look forward to updating the market in due course."
The deal is expected to be completed at the end of the month. ■