Grainger sees surge in lettings in H2 as occupancy hits 94%

Private property rental company Grainger reported a rebound in performance in the second half of its fiscal year, with lettings at 94% as Covid restrictions were lifted.

The company, which has a 7,000-home portfolio, said it expected to hit 95% occupancy “shortly”, in a trading update for the 12 months to September 30. It also unveiled the purchase of a build-to-rent development scheme in London, on a forward funding basis for £141m.

"With the reopening of the UK and a return to normal post the pandemic, we have delivered an exceptional lettings performance,” said chief executive Helen Gordon.

“In the run up to and including September we delivered week-on-week record lettings across the portfolio on both our stabilised assets and our five newly launched schemes across the country. We are on track to deliver 95% occupancy across our portfolio shortly and ahead of target, while our newly launched schemes are all leasing up significantly ahead of underwriting.”

"The sector's continued attractiveness as an asset class has led us to bring forward our growth plans and in early September we successfully raised £209m of gross proceeds with strong support from our shareholders in a heavily over-subscribed placing.”

Grainger added that some of the placing proceeds would be used to fund the new acquisition, a 401-home build-to-rent development scheme in Southall, West London.