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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Grainger Plc | LSE:GRI | London | Ordinary Share | GB00B04V1276 | ORD 5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
3.00 | 1.18% | 258.00 | 257.50 | 258.50 | 259.50 | 253.00 | 259.50 | 879,109 | 16:29:52 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Real Estate Investment Trust | 106.1M | 25.6M | 0.0347 | 74.35 | 1.9B |
TIDMGRI
RNS Number : 4397F
Grainger PLC
15 July 2019
15 July 2019
Grainger plc
("Grainger", the "Company", the "Group")
Acquisition Update
Grainger completes on forward funding of a 216 home PRS development at Fabrik in Leeds for c.GBP34m
Grainger plc, the UK's largest listed residential landlord and leader in the UK private rented sector (PRS), announces that the previously disclosed, yet unnamed transaction in Leeds has now started on site following satisfaction of the contractual conditions. The scheme, known as Fabrik, is a 216-home PRS development (known as 'build to rent') in Leeds which is being forward funded for c.GBP34m. The developer is Leeds-based Oakapple Group with Tolent Construction Limited as the building contractor.
Construction of the scheme, which has full planning consent, has recently commenced with completion anticipated for late 2021. Grainger expects this investment to generate a gross yield on cost of over 6.5% once stabilised.
This is a highly attractive investment opportunity and meets Grainger's strict and disciplined investment criteria. The scheme builds on Grainger's existing portfolio of PRS investments in Leeds, providing scale and operational efficiencies.
Helen Gordon, Chief Executive of Grainger, said:
"We are pleased to announce start on site of our latest investment in Leeds, one of our target regional cities, which will deliver 216 new high quality, purpose built rental homes. Fabrik will complement our 242-home Yorkshire Post development, also in Leeds, thereby providing over 500 PRS units in Leeds once these schemes are delivered."
Philip Taylor, Chairman of Oakapple Group, said:
"Oakapple are delighted to be working with Grainger on delivery of this project. As a Leeds business we are particularly pleased to see a major institution committing further to our City. It is a vote of confidence in the South Bank and hopefully a catalyst for further schemes to come forward in the area".
-ENDS-
For further information:
Grainger plc
Julie Deighton
j.deighton@graingerplc.co.uk
London Office Tel: +44 (0) 20 7940 9500
Camarco (Grainger PR)
Ginny Pulbrook / Geoffrey Pelham-Lane
Tel: +44 (0) 20 3757 4992/4985
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
ACQRTMATMBIBBBL
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July 15, 2019 02:00 ET (06:00 GMT)
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