Newcastle’s Grainger raises £209m in share placing

Grainger CEO Helen Gordon

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.”

About the Author

Mark McSherry
Dalriada Media LLC sites are edited by veteran news journalist Mark McSherry, a former staff editor and reporter with Reuters, Bloomberg and major newspapers including the South China Morning Post, London's Sunday Times and The Scotsman. McSherry's journalism has also appeared in The Washington Post, The Guardian, The Independent, The New York Times, London's Evening Standard and Forbes. McSherry is also a professor of journalism and communication arts in universities and colleges in New York City. Scottish-born McSherry has an MBA from the University of Edinburgh and a Certificate in Global Affairs from New York University.