LAW firm Dickinson Dees has played a role in the latest deal for Britain's largest listed residential landlord, Grainger plc.
The Newcastle law firm has advised Newcastle-based Grainger on the £18.3m sale of 271 retirement properties across the country to Places For People, one of the largest property management, development and regeneration companies in the UK.
The properties, which are mainly located in the south and south east of England, comprised part of Grainger's £474m retirement solutions portfolio. The properties from the sale were originally acquired as part of Grainger's larger portfolio of reversionary assets.
Grainger retains a further portfolio of similar retirement properties. The retirement property sector has seen an increased interest among investors, and the sale demonstrates Grainger's ability to capitalise on this.
Peter Couch, executive director of Grainger, with responsibility for its retirement solutions business, said: "This transaction represents a significant portfolio sale for Grainger and follows a programme of successful active management aimed at extracting reversionary potential before releasing the assets for sale. Proceeds from the transaction will be used to further reduce the company's gearing. Dickinson Dees expertise in the sector was a major advantage. "
The team from Dickinson Dees, led by residential property partner Nigel Emmerson, undertook extensive due diligence and drafted the individual contracts for the 271 homes.
Lisa Marie Hill, an associate in the residential property team of Dickinson Dees, said: "We are delighted to have helped long-standing client Grainger complete this significant deal. Attention to detail was paramount, due to the number of properties involved."
Lucy Pringle, an associate in the commercial team at Dickinson Dees, completed the team, working on the deal's commercial contracts.