Grainger PLC (GRI)

ORD 5P

Sell: 163.00p|Buy: 163.40p|Change: 1.60 (-0.97%)

This share can be held in a Dealing account Stocks and shares ISA Lifetime ISA JISA SIPPand can be used with Regular investment and Dividend reinvestment

Grainger reaches full lease-up at Oxford development ahead of schedule

(Alliance News) - Grainger PLC on Wednesday reported an "excellent" performance at its Kimmeridge development, as the scheme achieved full lease-up faster than expected.

The Newcastle-upon-Tyne, England-based residential landlord said The Kimmeridge achieved full lease-up in seven months, ahead of an anticipated 12-month lease-up programme.

The Kimmeridge is the firm's 150-home development and first 'build to rent' scheme in Oxford. Located west of Oxford city centre, the development offers more than 2,000 square feet of shared amenity space, including a gym, residents' lounge, co-working areas and a rooftop terrace.

"Reaching full lease-up at The Kimmeridge in such a short period is an outstanding achievement and clearly demonstrates the compelling demand for our homes in Oxford," said Chief Executive Officer Helen Gordon.

"This success is testament to the dedication of our on-site teams, the quality of our customer experience, and the strength of our in-house leasing capabilities. As the first and only Build to Rent scheme in Oxford, The Kimmeridge reinforces our leadership in the sector and validates our strategic investment in this key location."

Grainger added that the milestone further strengthened its confidence in delivering "long-term, compounding returns and progressive dividends for shareholders", with its GBP1.3 billion 'build to rent' pipeline positioned to meeting "growing demand".

Shares in Grainger were up 0.7% at 185.60 pence in London on Wednesday morning. The stock remains down 22% over the past year, however.

By Emily Parsons, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

AJ Bell Management Limited (company number 03948391), AJ Bell Securities Limited (company number 02723420) and AJ Bell Asset Management Limited (company number 09742568) are authorised and regulated by the Financial Conduct Authority. All companies are registered in England and Wales at 4 Exchange Quay, Salford Quays, Manchester M5 3EE. See website for full details. AJ Bell procures the provision of the Morningstar Licensed Tools on an “as is” basis and does not guarantee the performance of or accept liability for the Licensed Tools. To the maximum extent permitted by law, AJ Bell excludes liability for the Licensed Tools, including liability for any failure, interruption, delay or defect in the performance of any Licensed Tool, unless it arises as a direct result of the negligence of AJ Bell.