Ed Ellerington, former director of Grainger’s build-to-rent investment and assets, has joined real estate investment manager Palmer Capital as head of PRS.
Ellerington spent eight years at Grainger where he acted on the forward-funding of developments including the £100m Clippers Quay in Salford, and the £80m Gore Street scheme on Chapel Street, also in Salford. Both projects are currently being built by contractor Sir Robert McAlpine.
In the last 12 months Grainger also bought the PRS element of The Rock in Bury, which includes 230 flats, and three refurbished blocks in Ancoats and New Islington, which it bought for £26m from Cabot Square Capital.
Ellerington has now joined Palmer Capital as head of PRS. Palmer Capital is the main backer behind Harlex, the property investment company set up in the North West by ex-Argent and Kier Property boss James Nicholson.
Companies Palmer already backs include Opus Land in the Midlands, and Cubex Land in Bristol, and Palmer-managed vehicles have £500m to invest in UK property.
In the North West, Palmer vehicle Opus North is backing the £10m redevelopment of the Tudno Castle hotel in Llandudno; and the redevelopment of Morecambe’s Frontierland amusement park.