Grainger Plc, the UK's largest quoted residential property owner, today said in a statement covering its activities for the four months to 31 January 2010, that it's trading pipeline of residential sales had increased to £83.9million (31 January 2009: £58.9million)
It completed it's 2 for 1 rights issue, successfully raising net proceeds of £237million, some £105million of the issue has already been used to pay down and cancel debt; net debt stood at £1,282million across the Group at 31 January 2010 (30 September 2009: £1,561million).
Since the capital raise, Grainger have re-entered the residential acquisition market, and now have £8.6million in their acquisitions pipeline. The firm now has £315 million headroom in it's funding facilities.
Andrew Cunningham, Chief Executive of Grainger, said:-
"The housing market has shown encouraging signs of stability. We continue to sell well at prices above the last reported valuation, while our improved financial position arising from the recent refinancing and rights issue has enabled us to recommence our acquisition programme."
Some of the Grainger portfolio is derived from it's activity in the Home Equity release market through it's Bridgewater division, and although activity was reduced in 2009 the firm was named Best Home Reversion Provider in the Equity Release awards in December 2009. It had reduced the amount of equity it would allow clients to release last year to £100,000, but has recently raised this to £250,000 across all it's products, to stimulate the market.
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