17th Sep 2007 07:01
Grainger PLC17 September 2007 17 September 2007 Grainger plc ("Grainger"/"the Company") GRAINGER ACQUIRES PORTFOLIO OF 309 UNITS IN EAST DULWICH, LONDON Grainger plc, the UK's largest quoted residential landlord, today announces thatit has acquired the entire shareholding in The Tilt Estate Company Limited,which owns over 300 residential units, for £47.9 million. The total propertyportfolio is valued at £62.5 million and is located in East Dulwich, London,SE22, with the majority of properties situated around a private garden square. Two thirds of the properties are subject to assured shorthold tenancies and over50 are subject to regulated or assured tenancies. They therefore increase andstrengthen Grainger's existing portfolios. In addition, the portfolio is inline with the Company's acquisition criteria, as it offers a number ofopportunities for Grainger's in-house property and asset management teams to addvalue. This is particularly significant to ensure the benefits from anypotential long term upside in this improving area are delivered. The portfolio currently generates a total rent roll of £2.2 million per annum.A number of the properties are currently vacant and therefore offer immediateopportunities to enhance income and the assets' underlying value. The purchase, from Wainford Holdings Limited, has been funded from existingfacilities. Commenting on the acquisition, Rupert Dickinson, Chief Executive of Grainger,said: "This is an excellent opportunity to buy a substantial portfolio comprising alarge number of quality assets that offer an excellent strategic fit with ourexisting holdings. We were delighted to have secured this portfolio off-marketthrough our extensive network of contacts. "We are particularly pleased to acquire these substantial Victorian propertiesin an area of London that has such potential for future growth. The vendor hasdeveloped excellent relationships with the tenants in this sought after rentallocation. We look forward to using our property and asset management expertiseto further enhance the value of the portfolio." END For further information: Grainger plc: Tel: +44 (0) 20 7795 4700Rupert Dickinson Tel: +44 (0) 20 7795 4700Andrew Cunningham +44 (0) 191 261 1819 Financial Dynamics: Tel: +44 (0) 20 7831 3113Stephanie HighettDido LaurimoreJamie Robertson This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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