Landlord Grainger goes on an east London buying spreeComments Off on Landlord Grainger goes on an east London buying spree
As well as buying land in Canning Town and Barking, the group invested £87 million outside the capital on build-to-rent stock in the six months to March 31.
This is in addition to its present £1.1 billion rented portfolio and capitalises on the large number of people struggling to get on the housing ladder.
Chief executive Andrew Cunningham said the firm’s UK portfolios “performed better than the general housing market”.
He added: “Our attention going forward will remain on growing this part of the business and continuing to seek out attractive investment opportunities in regulated tenancy portfolios.”
The business saw pre-tax profit fall to £9.1 million from £49.8 million partly because of a one-off cost.
It added that its house sales pipeline looked strong, standing at £151 million as of May 8. Shares were down 0.6% to 212p.