UK property developer Grainger to pay about $515 mln for Grip REIT

11/15/2018 6:47:00 AM (GMT)

British-based residential property developer Grainger Plc plans to pay 396 million pounds (approximately $515 million) for real estate investment trust Grip REIT plc to expand in the private-rented sector.

Grainger noted that the transaction will be funded by a $451 million rights issue.

In the year ended September 30, Grainger’s adjusted earnings rose 26 percent to $122 million.

In 2017, Grainger Plc generated $345 million in revenue.

Grainger plc

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