6th Jun 2005 09:50
Grainger Trust PLC06 June 2005 FOR IMMEDIATE RELEASE6th June 2005 GRAINGER TRUST ACQUIRES £5.15m PORTFOLIO OF REVERSIONARY LEGAL CHARGES FROM NATIONWIDE BUILDING SOCIETY Grainger Trust plc ("Grainger"), the UK's largest quoted residential propertyinvestor, today announces it has completed the acquisition of a portfolio of 159legal charges from Nationwide Building Society ("Nationwide") for a totalconsideration of £5.15m cash. The Charges are held over a portfolio of predominantly retirement flats built inthe 1980's throughout the UK. The charges relate to a retained equity share ineach individual flat and enables the holder to redeem the equity share at afixed expiry date or if the flat is sold. The value of the equity share is thegreater of the original amount or the current market value of that share. Rupert Dickinson, Chief Executive of Grainger, commented: "This is anopportunity to acquire a first rate portfolio to compliment our existing equityrelease business." Grainger was advised by Dickinson Dees and Nationwide was advised by BurgessSalmon. Ends. Contact: Grainger Trust plcRupert Dickinson, Chief Executive. Tel: 020 7795 4700Peter Couch, Director of Equity Release Tel: 0191 269 5934 Baron Phillips AssociatesBaron Phillips Tel: 020 7920 3161 Tel: 07050 124119 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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