Ground Rents Income Fund has entered into an option agreement to buy the ground rents of 583 residential units in six buildings for up to £3.9m. They expect these to come into the portfolio over the course of 2015. GRIO is buying the ground rents from Muse Developments, part of Morgan Sindall.
The six sites, comprise 184 units at Chatham Place in Reading (pictured),113 units at Wapping Wharf in Bristol, 97 units at Vimto Gardens in Salford, 77 units at One Smithfield Square in Manchester, 66 units at Merchant Gate in Wakefield and 46 units at Islington Wharf Mews in Manchester.
To help fund this acquisition and others, Ground Rents Income is issuing 10% of its share capital to raise £9m.
GRIO : Ground Rents Income Fund buying portfolio and raising money