Grainger PLC
- Market Cap (£m) 1300.0
- Listing LSE
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Company Descriptions
Grainger is the UK’s largest listed residential landlord and property manager. Its portfolio comprises 9,433 private rental sector (PRS) apartments across the UK and 1,146 individual regulated tenancy homes. It is in the process of steadily disposing its regulated tenancy portfolio to fund growth of the PRS portfolio, either buying from developers or, increasingly, through its own purpose-built build-to-rent (BTR) pipeline. The pipeline of future BTR apartments totals 1,330. The group intends to convert into a tax-efficient real estate investment trust (REIT) in October 2025.
Investment Summary
Grainger is a key provider in the greatly under-supplied private rental market. The government has committed to making BTR a major feature in its aim of building 1.5 million homes in the current Parliament. The shortage of rental properties has been exacerbated by many individual buy-to-let (BTL) landlords exiting the market due to an increasing tax and regulatory regime. Grainger's BTR offering could be interpreted as a more efficient alternative to BTL, with largely inflation-hedged steady income from rents, with capital growth potential, and without the inconvenience of property management. The added advantages are the greater operational efficiency of Grainger's large portfolio and - especially once REIT status is attained - greater tax efficiency. The group projects EPRA earnings to grow by c.50% over the medium term, with loan-to-value expected to decline from its already modest 38%.
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Company Management Team
Helen Gordon
Chief Executive
Helen is a highly experienced, proven and well regarded real estate investor.
She has significant experience working across a wide range of real estate asset classes, including residential property.
This is combined with an extensive knowledge of the City. Helen is the senior independent non-executive director of Derwent London plc, a non-executive director of BusinessLDN, vice chair of EPRA, a member of the New Towns Taskforce and a board member of the British Property Federation.
She is a chartered surveyor and before joining Grainger was global head of Real Estate Asset Management of Royal Bank of Scotland plc.
She previously held senior property positions at Legal & General Investment Management, Railtrack and John Laing Developments.
Robert Hudson
CFO
Rob has over 30 years’ experience in finance. Rob was previously the chief finance and operations officer and interim chief executive of St Modwen plc, where he worked from 2015 to 2021. Prior to that, Rob was the group financial controller at British Land plc from 2011 to 2015. Rob joined PriceWaterhouseCoopers on graduation, then moved to Experian plc in 2000 where he held a number of senior financial roles, including Global Finance Director of its Decision Analytics business and UK Finance Director. Rob is a qualified chartered accountant.
