1st Nov 2006 07:00
Grainger Trust PLC01 November 2006 1 November 2006 Grainger Trust plc ("Grainger"/"Company") GRAINGER TRUST ACQUIRES 308-UNIT GERMAN RESIDENTIAL PORTFOLIO FOR €32 MILLION AND OPENS GERMAN HEAD OFFICE Grainger Trust, the UK's largest quoted residential property owner, hasannounced today that is has acquired a 308-unit residential portfolio in Munich,Germany for €32 million. The 19,200 sq.m portfolio also provides 12 commercial units and 147 car parkingspaces. The property attracts a gross rent of €1.95 million per year. This latest announcement boosts Grainger's holdings in Germany to over 3,000units, which represents an investment of over €200 million. At the same time, Grainger is also pleased to announce the opening of its firstGerman office, in Mannheim, marking the latest step in the Company's growth inGermany. Commenting on the deal, Cameron Spry, Head of European operations for Graingersaid: "This signals an important step forward for Grainger. We see a significantportion of our future growth in continental Europe and this latest acquisitionunderpins our strategy in a key German market." Commenting on the opening, Rupert Dickinson, Chief Executive of Grainger, said: "We're delighted to have opened our latest office in Mannheim. Physicallypositioning ourselves within the German market will open up many moreopportunities for us to expand our operations and build our brand in thecountry. We look forward to future growth and furthering our relationships withlocal partners to deliver shareholder value." Grainger Trust will announce its preliminary results for the year to 30September 2006 on 28 November 2006. -ENDS- For further information: Grainger Trust:Rupert Dickinson/Cameron Spry Tel: +44 (0)20 7795 4700 Financial Dynamics:Stephanie Highett/Dido Laurimore Tel: +44 (0)20 7831 3113 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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