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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Grainger PLC    GRI   GB00B04V1276

GRAINGER PLC (GRI)
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Grainger : £30.5M PRS Acquisition

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08/01/2017 | 08:12am CEST

1 August 2017

Grainger plc

('Grainger', the 'Company', the 'Group')

- £30.5M PRS ACQUISITION -

139 NEW HOMES TO RENT DEVELOPMENT SCHEME

IN CENTRAL MILTON KEYNES

ACQUIRED BY GRIP REIT JV

Grainger plc, the UK's largest listed residential landlord, announces that its GRIP REIT joint venture with APG has unconditionally agreed to forward fund and acquire a 139 home build to rent, private rented sector (PRS) development in Milton Keynes from the High Street Group for £30.5m.

The c.90k sqft scheme in the centre of Milton Keynes comprises:

· 139 homes;

· Resident amenity and commercial space;

· 170 bicycle storages spaces; and

· 120 parking spaces.

United Living is the appointed contractor for the scheme.

GRIP REIT is focused on PRS investments in London and the South East and is 25% owned by Grainger and 75% owned by APG. Grainger is the property, asset and development manager for the REIT. This is a highly attractive investment in central Milton Keynes with strong future prospects and is well aligned to GRIP's predominantly London based investment focus. In addition to the projected gross yield on cost of over 6% once operational, Grainger receives management fees, supplementing its overall returns.

This acquisition follows Grainger's recent announcement of its investment in a 236 home build to rent scheme in Pontoon Dock, London, in partnership with the Local Pensions Partnership.

Helen Gordon, Chief Executive of Grainger, said:

'We are pleased to announce another successful acquisition of an attractive PRS asset in a highly desirable location with a strong and growing rental market, this time through our GRIP PRS REIT in partnership with our long standing partner, APG. Our ambitious investment plan continues at pace with c.£500m of Grainger's own capital committed to new PRS investments.'

Gary Forrest, Chairman of The High Street Group, said:

'As the build to rent, or private rented sector, continues to grow due to demand for homes outstripping supply, we developed a plan to create a community with a modern village feel that will cater particularly for the needs of aspiring young professional people in Milton Keynes.

'We are delighted that such a successful and reputable specialist in PRS as Grainger is now acquiring the site to take the project forward.'

Pinsent Masons acted as legal adviser to Grainger.

-ENDS-

For further information:

Grainger plc

Helen Gordon/ Vanessa Simms/ Kurt Mueller

London Office Tel: +44 (0) 20 7940 9500

Newcastle Office Tel: +44 (0) 191 261 1819

Camarco (Grainger PR)

Ginny Pulbrook / Geoffrey Pelham-Lane

Tel: +44 (0) 20 3757 4992/4985

Notes to editor:

The High Street Group

The High Street Group, based in Newcastle upon Tyne and founded by Gary Forrest in 2006, has grown to become a developer of large scale PRS and luxury residential developments across England and Scotland. It employs around 100 people.

Grainger plc published this content on 01 August 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 01 August 2017 06:10:11 UTC.

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Financials (GBP)
Sales 2018 46,4 M
EBIT 2018 105 M
Net income 2018 90,5 M
Debt 2018 916 M
Yield 2018 1,75%
P/E ratio 2018 14,06
P/E ratio 2019 14,41
EV / Sales 2018 47,0x
EV / Sales 2019 42,9x
Capitalization 1 268 M
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Mean consensus OUTPERFORM
Number of Analysts 10
Average target price 3,39  GBP
Spread / Average Target 12%
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Managers
NameTitle
Helen Christine Gordon Chief Executive Officer & Executive Director
Mark Sydney Clare Non-Executive Chairman
John Kenny Chief Operating Officer
Vanessa Kate Simms Chief Financial Officer & Executive Director
Anthony Paul Wray Independent Non-Executive Director
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