Grainger lines up £305m PRS spree
Build-to-rent behemoth Grainger has launched a share placement to fuel a £305m acquisitions spree. The fundraise will push its secured pipeline over £1bn, with secured schemes worth £978m and £91m in planning and legals. Grainger will place up to 61.2 million new ordinary shares, representing around 10% of the company’s issued share capital. It is seeking to raise £185m, leveraged with around £120m of debt, to secure new projects and fund its secured pipeline in Birmingham; Canning Town, London; Cardiff and Nottingham. The BTR developer will commit £59m to new schemes which are in planning and legals.