Grainger and Moorfield create Sovereign Reversions joint venture

Residential property manager Grainger has structured a joint venture between equity release business Sovereign Reversions, which it bought earlier this month for £34.6 million, and property investor and fund manager Moorfield.

Moorfield will pay Grainger Equity Release £17.5 million for a 50% stake in the venture, with Grainger retaining the remaining 50%. 

Grainger will manage the assets of the venture. It said that the Sovereign Reversions business will operate as normal during the integration process and structuring of the joint venture.

Included in the Sovereign Reversions business is equity release lender Home Capital.