Newcastle-headquartered Grainger plc, the UK’s largest listed residential landlord, said on Thursday it raised gross proceeds of £209 million by selling about 67.4 million shares in a placing of stock.

The placing shares represent approximately 9.99% of Grainger’s issued ordinary share capital prior to the placing.

“A total of 67,379,369 new ordinary shares in Grainger were placed by J.P. Morgan Cazenove and Numis Securities, raising gross proceeds of £209 million,” said Grainger.

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

“The placing was significantly oversubscribed with considerable support from existing shareholders.”

Grainger CEO Helen Gordon said: “We are delighted with the support we have received from our shareholders.

“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 is to continue to provide high quality, mid-market, well located rental homes.

“This placing secures significant growth in net rental income and therefore dividend.”