Grainger extends real estate fund

UK housing landlord Grainger has secured a two-year maturity extension for its G:res1 residential property fund, which has a net asset value of £151m, to extract the maximum value possible from it. Grainger said yesterday investors in the closed-ended fund had voted to extend it by two years to October 2013. After that date it would have a further two-year liquidation period, out to 2015, for the orderly disposal of assets. Fund manager Michael Lamyman said the fund's assets were located in the strongly performing London and southeast areas of the UK.