Grainger

Financial Adviser

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

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

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