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Dec 2018
Financial Adviser
696 million
Acquisition of non-held shares in GRIP


Financial Adviser

Kempen is pleased to announce that it acted as financial advisor in the successful £347m rights issue of Grainger

Transaction highlights

  • In the rights issue 194,758,491 new ordinary shares were issued (representing c. 47% of pre-deal outstanding share capital)
  • Proceeds of the Rights Issue are to be used to finance the acquisition of GRIP REIT plc (“GRIP”) from its joint venture partner, APG, resulting in 100% ownership by Grainger
  • Preceding the transaction, GRIP was a joint venture between Grainger and APG with ownerships of 24.9% and 75.1%, respectively
  • At time of transaction, GRIP held 35 PRS (private rented sector) assets representing c. 1,700 units with a gross asset value of £696m

Company description

  • Grainger Plc is the United Kingdom’s largest listed residential landlord with an existing portfolio of over 9,000 rental homes
  • The firm plans to invest £1.2bn in 5,000 new rental homes over the next two to three years

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