Salford investor Pervaiz Naviede's family trust has sold a residential property portfolio to Newcastle-based listed property company Grainger for £58.3m.
The disposal involved 614 apartments and townhouses across the UK as the Pervaiz Naviede Family Trust "seeks to move into premium commercial and residential markets."
Since 2009 the Pervaiz Naviede Family Trust has expanded its private rented sector portfolio to more than 1,000 units in mainly secondary locations. This was done through a combination of new-build schemes by its development subsidiary LPC Living and buying distressed estates with room for value to be added through refurbishment.
The units sold are in Greater Manchester and Merseyside with smaller sites in Lancashire, Derbyshire, Cheshire, Nottinghamshire and Scotland. LPC Living sites include Salford's Radclyffe Park and Hulton Square, and Manchester's Lakeside, Apple Building and Freshfields. Other portfolio properties are located in Garstang, Glasgow, Formby, Bradford, Sale, Prestwich and Liverpool.
The capital raised by the sale to Grainger is to be used to create a £100m fund to invest in high quality real estate opportunities across the UK.
Rudi Falla, spokesman for Pervaiz Naviede Family Trust, said: "With the portfolio established and well tenanted we feel it is time to sell the bulk of the units. There is a strong opportunity in both commercial and premium rental sector so this deal will enable us to reinvest in higher end properties across the UK with a view to longer term gains through rental yields and value increases.
The Manchester office of law firm Gateley advised the Pervaiz Naviede Family Trust, with Allsops and Zameero acting as agents.
Contracts have been exchanged and completion is set for June.