GRIF’s £50m fundraising target
A LISTED real estate investment trust, which has a number of interests in Yorkshire, yesterday revealed that it plans to raise further capital of up to £50m.
The Ground Rents Income Fund (GRIF) said the planned fundraising would increase its total assets to around £100m. The company invests in UK ground rents. Recent investments include The Gateway, which was purchased for £2.4m in January, a mixed-use development in Leeds city centre.
The development, which is at the end of The Calls, includes 552 residential apartments, the Etap hotel and retail units. The company has also bought a further portfolio of ground rents consisting of 541 units throughout the North West and Midlands, at a cost of £2.4m, from Morris Homes.
James Agar, investment director of Braemar Estates, the investment adviser to GRIF, said Leeds was “a key city for investment”.