Grainger has won a mandate to run a new distressed residential property platform for Lloyds – the first agreement of its type in the UK.
The deal was secured by Grainger’s asset and property management team, led by Alex Greaves and Anish Thobhani, who will head the Grainger Residential Asset Management Platform.
Grainger is thought to have beaten bids by Lambert Smith Hampton and Savills to asset manage the portfolio, which will include assets that have been placed into insolvency.
The properties it has initially been tasked with exclude Irish homes, but are likely to include £150m of Scottish assets. Lloyds owns more than £500m of residential property through its ‘bad bank’.
Grainger will earn fees based on rent, disposals and shared success, aligning its interests with those of any administrator or receiver of assets placed into the platform.