Grainger reports 224 per cent rise in UK portfolio sales

FTSE 250-listed residential property owner Grainger has reported a 224 per cent rise in tenanted investment and other sales from its UK portfolios to 26.6m pounds in the four months to January 31st, compared to 8.2m pounds one year earlier.

Group sales rose 3.4% to £64.6m compared to £62.4m a year earlier. Vacant UK sales of 201 units generated gross sales of £32.4m at an average margin of 41.1%. This compared to 195 units being sold a year earlier generating £36.4m at a margin of 39.9%.

Gross rents declined slightly to £27.3m compared to £30.4m a year earlier. The group said that this was as a result of the disposal of a proportion of its German assets to its joint venture with Heitman.

Andrew Cunningham, Chief Executive Officer of Grainger, said: "We have started this financial year with a number of significant transactions. These endorse and expand upon our asset and property management skills and underpin our stated strategic objectives.

"Despite the remaining economic challenges, and a slightly subdued market during the first financial quarter, we are seeing increased signs of activity in 2013. Institutional investor interest in the UK residential market continues to grow, supported by positive government measures."

MF