Business
Market Update
Market Update.
About this update from Grainger Plc
[{"type":"text","content":"\n RNS Number : 0670K Grainger PLC 13 April 2010 \n \n\n \n \n \n13 April 2010 \n \nGrainger plc\n \nMARKET UPDATE\n \n \nGrainger plc (\"Grainger\" or the \"Company\"), the UK's largest specialist quoted residential property owner, today provides an update to the market in advance of its results announcement for the half year to 31 March 2010, which will be issued on 20 May 2010. \n \nFor the six month period to 31 March 2010, we expect completed sales from our core and retirement solutions portfolio to be approximately £78.5m, an increase of 42% from last year's figure of £55.3m. These completed sales include £5.2m of investment sales (sales with a tenant in place) and £14.9m of one-off sales of land and associated assets from our agricultural portfolio. \n \nIn addition to these completed sales we also have a further £30.8m of transactions in the pipeline (either with contracts exchanged or under solicitors' instructions).\n \nSales made on vacancy, included in completed sales and the pipeline have been made at values approximately 6.3% above September 2009 valuations and at a trading margin of 42% (2009: 36%). \n \nOur development division has made good progress on sales from the second phase of our Hornsey Road development, where 21 units have now been sold for £6.4m and only five units remain. \n \nAs noted in our interim management statement, issued in February, we have taken advantage of the increased stability in the residential markets and selectively recommenced our acquisition programme. In the six months to the end of March 2010 we have completed, exchanged on or placed in solicitors hands some £42.6m of property acquisitions. This compares with £12m of acquisitions for the whole of the financial year 2009.\n \nAt 31 March we anticipate that we will have cash and committed facilities available to us of approximately £300m.\n \nThe Company will comment in more detail on its progress at the time of its interim results announcement. \n \nFor further information:\n\n\n\n\n \nGrainger plc\n\n\n \nFinancial Dynamics\n\n\n\n\nAndrew Cunningham/Dave Butler \n\n\nStephanie Highett/Dido Laurimore/Jamie Robertson\n\n\n\n\nTel: +44 (0) 20 7795 4700\nTel: +44 (0) 191 261 1819\n\n\nTel: +44 (0) 20 7831 3113\n\n\n\n\n \n&nbs...