More than 160 new homes are to be built in Milton Keynes.

The 261-home Build to Rent (BtR) scheme has been acquired by Grainger from Peveril Securities for around £63 million.

Peveril will develop the site, while Mayforth will act as development manager and Bowmer and Kirkland will be the contractor.

Grainger said despite the scheme having planning consent, the transaction is conditional on the completion of a new adjacent YMCA as part of the first phase of the wider development which is expected in Q3 2019, prior to construction starting on site.

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The development is scheduled for overall completion in the second half of 2021.

Helen Gordon, Chief Executive of Grainger, said: "We are pleased to announce our latest investment in Milton Keynes, one of our key target locations, which will deliver 261 new high quality, purpose built rental homes.

"This new investment will complement Silbury Boulevard, our other PRS build to rent scheme of 139 homes in Milton Keynes, which we own in our GRIP REIT joint venture, and is currently under construction."

Ralph Jones, Director of Peveril Securities, said: "We are delighted to be working with Grainger to provide a further 261 residential units in Milton Keynes, and we hope it will be first of many opportunities in the future for Peveril, Bowmer and Kirkland and Grainger to work together."

(LM)