Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  Equities  >  London Stock Exchange  >  Grainger PLC    GRI   GB00B04V1276

SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector news 

Grainger PLC : - Re: Acquisition and planning application

share with twitter share with LinkedIn share with facebook
share via e-mail
0
02/04/2013 | 09:09am CET

?

4 February 2013

Grainger plc ("Grainger"/ the "Company")

GRAINGER ACQUIRES BUILD TO RENT SCHEME IN BARKING FROM BOUYGUES DEVELOPMENT

AND SUBMITS PLANNING APPLICATION FOR ALDERSHOT GARRISON REDEVELOPMENT

Grainger plc, the UK's largest quoted residential property owner and manager, today announces the acquisition of its first build to rent scheme, through its agreement to purchase the residential element, comprising 100 units, of a major regeneration scheme in Barking town centre being developed and carried out by Bouygues Development. Grainger will pay a total consideration of £13.7 million, with an initial deposit and the balance of the payment due on practical completion in 2015.

This purchase is in line with Grainger's recently stated strategy that it will seek to take advantage of opportunities in the growing UK private rented sector (PRS), and aim to play a significant role in creating a viable Build-To-Rent in the UK. Grainger will retain and let the residential units, as opposed to selling them on to private individuals, and will take responsibility for the asset and property management. The development has been designed by Chetwoods Architects with Assael Architecture advising on the internal layout of the residential units and common parts to ensure the 100 units adhere to the PRS concept.

Separately, Grainger also announces that, as development partner for the Defence Infrastructure Organisation and the HCA, it has submitted a major planning application to Rushmoor Borough Council for the 255 hectare former Aldershot Garrison site, known as Wellesley or the Aldershot Urban Extension (AUE).  

The outline planning application will pave the way for up to 3,850 new homes, of which 35% will be affordable homes, two new primary schools, around 110 hectares of new green space, sports and community facilities and the refurbishment of six listed buildings, including the Cambridge Military Hospital. The development is due to start in 2014 with the first phase of 228 homes. It is likely that the development will take 15 years to complete.

Grainger and the Council have agreed a six month period to consider the planning application, and a report should be going to the Development Control Committee by the end of June 2013.

Nick Jopling, Executive Director for Property at Grainger commented on the Build to Rent acquisition:

"Our acquisition of this Build To Rent block from Bouygues is a significant milestone for the private rented sector, putting into place a new template for the creation of purpose built high quality and professionally managed rental accommodation. This is a sector that desperately needs to grow in order to meet the demands of the UK population and is supported at the highest levels of Government, and we believe that this style of residential development has huge potential to grow in the coming years."

John Beresford, lead Development Director for the AUE scheme at Grainger, said:

"We are pleased to submit this major planning application which, if approved, will help revitalise and improve Aldershot as a whole. By working closely with the community, the Council, the MoD, HCA and other stakeholders, we believe our proposal will bring long-term economic benefits to the wider Aldershot community, while providing much-needed, good quality new homes, new schools and fantastic green open spaces and amenities."

- ENDS -

For further information:

Grainger plc

FTI Consulting

Kurt Mueller  

Stephanie Highett/Dido Laurimore/Will Henderson

Tel: +44 (0) 20 7795 4700

Tel: +44 (0) 191 261 1819

Tel: +44 (0) 20 7831 3113

Grainger plc - company background information

Grainger plc is the UK's largest listed residential property owner and manager, with c £3.0bn of residential assets under management across the UK and Germany. Grainger generates income through:

·      Salesof properties when they achieve optimum valuations

·      Rentfrom its portfolio of tenanted properties

·      Feesfor the management of residential properties and the provision of its expert services to select third party clients.

Additionally, Grainger is a leading provider of equity release products through its award-winning subsidiary brand, Bridgewater Equity Release.

Grainger was established in 1912 in Newcastle upon Tyne, where it remains headquartered. It has eight offices across the UK and Germany. Grainger is a constituent of the FTSE 250 on the London Stock Exchange and the FTSE4Good index. In 2012, Grainger was awarded the UK's Residential Asset Manager of the Year at the RESI Awards and Best Property Company - Residential at the Estates Gazette Awards.


This information is provided by RNS
The company news service from the London Stock Exchange

RNS news service provided by Hemscott Group Limited.

distributed by
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on GRAINGER PLC
12/01 TOP NEWS : Grainger Lifts Dividend 64% After Private Rented Sector Move
11/28GRAINGER PLC : annual earnings release
11/28 GRAINGER : Buys Bristol Build-To-Rent Development For GBP45.7 Million
11/28 GRAINGER : Acquisition
10/11 GRAINGER : Reports Strong Trading As London Scheme Gets Go-Ahead
10/11 TOP NEWS : Grainger Expects Modest Valuation Uplift In Second Half
10/07 GRAINGER : Notification to Shareholders - adoption of FRS 101
09/30 TOP NEWS : Grainger Signs Leeds Housing Scheme Forward Purchase Deal
09/13 Activist hedge fund Crystal Amber sees post-Brexit vote opportunities
09/06 GRAINGER : *jpmorgan cuts grainger plc to 'neutral' ('overweight') - target 270 ..
More news
Sector news : Residential Real Estate Development
03:44aDJCK HUTCHISON : Sells Aircraft Leasing Business to Cheung Kong Property
12/03 CHINA VANKE : securities regulator chairman condemns "barbaric" company buy-outs..
12/02DJJINGRUI HOLDINGS : To Sell Shanghai Hongkou Land to Evergrande For CNY1.16 Billi..
12/01DJAYALA LAND : Plans to Keep 2017 Capital Spending at Record Level
11/30DJChina Evergrande's Unit to Sell Real-Estate Firm in Qingdao to Sunac for CNY3..
More sector news : Residential Real Estate Development
News from SeekingAlpha
2015 Momentum Traps - How To Avoid The Siren Song Of Overhyped Stocks
Advertisement
Financials ( GBP)
Sales 2017 47,2 M
EBIT 2017 89,4 M
Net income 2017 52,4 M
Debt 2017 447 M
Yield 2017 2,11%
P/E ratio 2017 16,14
P/E ratio 2018 14,16
EV / Sales 2017 28,9x
EV / Sales 2018 27,2x
Capitalization 914 M
More Financials
Chart GRAINGER PLC
Duration : Period :
Grainger PLC Technical Analysis Chart | GRI | GB00B04V1276 | 4-Traders
Full-screen chart
Technical analysis trends GRAINGER PLC
Short TermMid-TermLong Term
TrendsNeutralNeutralNeutral
Technical analysis
Income Statement Evolution
More Financials
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 8
Average target price 2,65  GBP
Spread / Average Target 21%
Consensus details
EPS Revisions
More Estimates Revisions
Managers
NameTitle
Helen Gordon Chief Executive Officer & Executive Director
Margaret Anne Ford Non-Executive Chairman
Vanessa Simms Finance Director & Executive Director
Nick Jopling Executive Director & Executive Director-Property
Belinda J. Richards Independent Non-Executive Director
More about the company
Sector and Competitors
1st jan.Capitalization (M$)
GRAINGER PLC-7.43%1 163
CHINA VANKE CO., LTD.--.--%41 327
GREENLAND HOLDINGS COR..-40.66%17 130
VONOVIA SE3.33%14 655
GEMDALE CORPORATION1.74%9 181
IIDA GROUP HOLDINGS CO..-0.72%5 749
More Results