Joint venture team snaps up site being developed by the renamed Bouygues Development

A joint venture between residential landlord Grainger and the Local Pensions Partnership has bought the Pontoon Dock 236-home PRS scheme being built in east London.

Called Vesta, the JV has acquired 154 PRS units within the site being developed by Linkcity, formerly known as Bouygues Development.

Grainger will additionally buy the remaining 82 units, which will be for affordable housing, for an unspecified sum.

Bouygues was appointed by the GLA to build the scheme in the Royal Docks area of east London back in 2014.

Helen Gordon, Grainger’s chief executive, said the deal “builds on our £850m PRS investment plan and provides us with a local cluster of over 470 rental home in east London, giving us significant scale”.

Last November Grainger bought a 200-home PRS development at Finzels Reach in Bristol for £47.5m.