Grainger sales double as market speeds up
THE UK’s largest listed residential landlord Grainger posted a strong start to the year, with sales more than doubling in the first four months thanks to a one-off disposal and the improving housing market.
Group sales increased by 131 per cent to £149.3m compared with £64.6m during the same period last year after the group sold a portfolio of 1,203 homes within its retirement solutions business last week for £88m.
On average, the sales prices it achieved were 7.1 per cent above last September’s vacant possession value, while rents across its UK regulated tenancy portfolio rose by five per cent.
Chief executive Andrew Cunningham said: “We are well positioned to take advantage of the rising market and have begun to explore future value enhancing investment opportunities in both London and major regional cities.”
Meanwhile property developer LondonMetric said the regions were enjoying a “resurgence in demand” due to UK institutions being priced out of central London.
It has made £201.9m in acquisitions in the third quarter, with over £1bn invested since it formed from the merger of London & Stamford and Metric Property last year.