Grainger plc has acquired a 231-home forward fund build to rent development in Bristol for c.£63.1 million, with Cubex Land as development manager, backed by Fiera Real Estate. Willmott Dixon Construction Limited has been appointed as the contractor. Cubex purchased the site in 2016 on behalf of Fiera Real Estate Opportunity Fund IV (UK), a programmatic joint venture by Fiera Real Estate that is exclusive to clients of CBRE Global Investment Partners (CBRE GIP). Bristol is a key target city for Grainger and, in line with Grainger's cluster strategy, this new investment generates further economies of scale in conjunction with Grainger's nearby asset, Hawkins & George. Hawkins & George, part of Cubex and Fiera Real Estate's Finzels Reach Scheme, was Bristol's first build-to-rent development launched in the city. The purpose-built accommodation includes 194 apartments across two buildings. Across both schemes, Grainger will have 425 rental homes in the city. Construction is expected to commence in January 2021, with construction completion targeted for second half of 2023. Grainger expects this investment to generate a gross yield on cost of c.6% once stabilised. This is a highly attractive investment opportunity which meets Grainger's strict investment criteria and will further boost Grainger's investments in Bristol, a key target city.