28th Jan 2005 07:00
Grainger Trust PLC28 January 2005 FOR IMMEDIATE RELEASE 28th January 2005 GRAINGER FURTHER EXPANDS RESIDENTIAL INVESTMENT PORTFOLIO WITH £16M PROPERTYSWAP Grainger Trust plc ("Grainger"), the UK's largest residential propertyinvestment and trading company, today announces that it has exchanged contractsto acquire a £16.1m residential portfolio, comprising 195 units, from a privateclient of Aston Rose. The acquisition is being satisfied through the sale of a £14m commercialproperty portfolio, comprising two central London office buildings, a businesscentre in Twickenham and a retail warehouse in Accrington, and £2.1m in cash. The property swap is in keeping with Grainger's stated corporate objective ofbeing a focused residential investment, trading and development business Rupert Dickinson, Grainger Chief Executive, said: "This deal enables us tofulfil our commitment to dispose of our commercial property investments andfocus on the residential sector. It also underlines the fact that we are stillable to acquire large residential portfolios comprising a significant number ofregulated tenancies taking our total number of units to well over the 12,000with a total vacant possession value of approximately £1.9bn." Almost half of the portfolio consists of regulated tenancies with the remaindercomprising Assured Shorthold Tenancies, life tenancies and ground rents. Ends. Contact: Rupert Dickinson, Grainger Trust. Tel: 020 7795 4700 Baron Phillips, Baron Phillips Associates. Tel: 020 7920 3161 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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