Grainger raises €245m via share issue

UK listed residential property specialist Grainger said this week that it has raised £209 mln (€245 mln) of equity via the placing of a total of 67 million new shares.

The placing shares have been issued at a price of 310 pence apiece, representing a discount of 4.6% to the closing price on 1 September 2021 of 325 pence per ordinary share.

Grainger said that the placing was 'significantly oversubscribed' with considerable support from existing shareholders.

'We are delighted with the support we have received from our shareholders,' said Helen Gordon, Chief Executive Officer of Grainger. 'Grainger has a well- articulated growth strategy to further strengthen our nationwide PRS market leadership position with 10,000 homes and a further pipeline to almost double that. Our vision isto continue to provide high quality, mid-market, well located rental homes. This placing secures significant growth in net rental income and therefore dividend.'

The issue represents approximately 9.99% of Grainger's issued ordinary share capital prior to the placing.


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