RESIDENTIAL property owner Grainger has sold a portfolio of 1203 homes across the UK for £87.6 million.

Grainger said the agreement with Clifden Holdings will generate pre-tax profit of £9.9m.

It is also entering into a property management contract for the properties, all part of its retirement solutions division, which will bring in annual fees of more than £600,000.

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Clifden is paying £52.6m in cash up front with the remainder due over the next 12 months.