22nd May 2015 11:12
LONDON (Alliance News) - London-listed residential property owner and manager Grainger PLC Friday said it will focus on growing its market rented residential business and to look for investments in regulated tenancy portfolios.
"The fundamental drivers supporting housing remain positive with labour market conditions set to continue to improve and mortgage interest rates remaining, at least in the short term, at current low levels. After two years of very strong valuation increases, we are pleased to report that the value of our UK portfolios continue to rise steadily and has again performed better than the general housing market, demonstrating the strength of our assets and quality of our management," Andrew Cunningham, the company's outgoing chief executive, said in a statement.
"Our focus, over the last few years, has been on growing our market rented residential business, where we can draw on our proven track record to manage properties and generate good shareholder returns. We have been successful in doing so, having acquired over 400 properties in the period and with circa 1,070 new market rented homes in our current pipeline expected to complete over the next two years. Our attention going forward will remain on growing this part of the business and continuing to seek out attractive investment opportunities in regulated tenancy portfolios," Cunningham said.
Baroness Ford, chairman, said the search for Cunningham's successor is "well underway", with enough time for an orderly handover of responsibilities ahead of the departing CEO's exit in February 2016.
Grainger reported a gross net asset value of 293 pence at the end of March, up 2 pence from six months earlier.
Shares in the company were up 0.7% at 220.70p on Friday.
By Samuel Agini; [email protected]; @samuelagini
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