21st Dec 2007 15:31
Grainger PLC21 December 2007 21 December 2007 GRAINGER PLC ("Grainger" / the "Company") GRAINGER ACQUIRES STAFFORDSHIRE ESTATE FOR £34.55 MILLION Grainger plc, the UK's largest quoted residential property owner, todayannounces that it has exchanged contracts on the purchase of The Ranton Estate,an agricultural and residential estate in Staffordshire, from its trustees for£34.55 million in an off-market transaction. The Estate produces annual rent of£762,000. The Ranton Estate comprises approximately 60 houses and cottages, the majorityof which are held under Assured Shorthold Tenancies, along with over 5,200 acresof land. The land is predominantly currently held under a mixture of FarmBusiness Tenancies and Agricultural Holdings Tenancies. Commenting on the acquisition, Rupert Dickinson, chief executive of Graingerplc, said: "This transaction underlines our ability to identify opportunities to acquireassets that complement our existing reversionary portfolios and execute them inoff-market transactions, thereby ensuring we deliver maximum value to ourshareholders." ENDS For further information: Grainger plc: Tel: +44 (0) 20 7795 4700Rupert DickinsonMichael Lamyman 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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