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Grainger still selling properties
Property investor Grainger said UK house prices had proved surprisingly resilient and that it continued to sell off properties as it cuts debt and braces for what CEO Andrew Cunningham believes will be an orderly breakup of the Eurozone. The 100 year old company said in a trading statement yesterday that gross rents rose 22 per cent to £30.4m in the four months to the end of January as acquisitions helped offset a drop in rental income in Germany. The company said it was continuing to see growth in rental income and that vacant UK properties disposed of during the period had, on average, sold for 5.8 per cent more than their valuations in September 2011.