Newcastle-based Grainger plc, the UK’s largest listed residential landlord, said in a trading update it expects to report full-year adjusted earnings approaching £70 million, up from £53.1 million.

Grainger said its transition to a business focused on the UK private rented sector (PRS) continues at pace and its secured investment pipeline now stands at £517 million, around 60% of its £850 million target.

“Once our £80 million acquisition on Gore Street in Salford goes unconditional following completion of a building contract, we will reach 70% of our target,” said Grainger.

“In total we have £341 million of schemes in the planning or legal stages, which if secured will enable us to achieve our £850 million target.

“A further £469 million of potential schemes are under consideration.”

Grainger provided the trading update for the year ending September 30, 2017, ahead of its full year results on November 30.

Grainger CEO Helen Gordon said: “It has been a year of significant strategic progress.

“We have secured substantial private rented sector (PRS) investments and improved our operational platform.

“We expect to deliver another period of strong financial performance at our full year results in November, and our in-house capability to originate, invest in and operate UK rental homes provides a strong platform for future growth.

“Our transition to a business focused on the PRS with improved income returns continues at pace.

“Our secured PRS pipeline stands at £517 million, and has been achieved within 20 months of announcing our new strategy and £850 million investment target.

“It will be supplemented by our recently announced £80 million investment at Gore Street in Salford, and we have a number of other exciting opportunities in advanced stages.”