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GRI Grainger Plc

257.80
-1.00 (-0.39%)
28 Mar 2024 - Closed
Delayed by 15 minutes
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
  -1.00 -0.39% 257.80 258.80 259.20 260.20 256.80 257.80 898,359 16:35:04
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Real Estate Investment Trust 106.1M 25.6M 0.0347 74.70 1.91B

Grainger PLC Project Update (0427B)

18/09/2018 7:01am

UK Regulatory


Grainger (LSE:GRI)
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TIDMGRI

RNS Number : 0427B

Grainger PLC

18 September 2018

LEI: 2138007CEIRKZMNI2979

18 September 2018

Grainger plc

Project Update

Grainger signs GBP52m construction contract on its Newbury PRS scheme

Grainger plc, the UK's largest listed residential landlord, today announces that it has appointed Engie Regeneration Limited as the main contractor to Grainger's Newbury PRS scheme, which will deliver 232 new homes for rent and improved pedestrian access from Newbury train station to the town centre.

Construction on the scheme, being developed by Grainger in partnership with West Berkshire Council and Network Rail, is expected to begin before the end of this calendar year and complete in 2021.

The signing of the construction contract at Newbury signifies an increase to Grainger's secured PRS investment pipeline by GBP61m.

Grainger expects this scheme to generate a gross yield on cost in excess of c.6.25% once stabilised. Newbury is an attractive location for investment due to its strong employment and well serviced transportation links and with major improvement works underway by Network Rail.

Helen Gordon, Chief Executive of Grainger, said:

"We are pleased to announce this key milestone for our Newbury PRS scheme, which increases our secured investment pipeline to over GBP800m. This scheme will deliver 232 high quality new homes for rent to Newbury, and it will significantly improve the gateway to Newbury and connection to the railway station and station amenities."

-ENDS-

For further information:

Grainger plc

Kurt Mueller

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

UPDGMGMLGNZGRZZ

(END) Dow Jones Newswires

September 18, 2018 02:01 ET (06:01 GMT)

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