Grainger plc (GRI.L) said that, in the four months to 31 January 2012, the group completed sales of 434 units for a gross consideration of 62.4 million pounds.
The group sales pipeline stood at 118.3 million pounds versus 76.2 million pounds at 31 January 2011. Of this 99.6 million pounds is within the company's UK businesses and 18.7 million pounds is in Germany.
Fee income was approximately 2.9 million pounds, supported by revenue generated by new management mandates.
Commenting, Andrew Cunningham, Chief Executive of Grainger, said,
"We have started this financial year with strong sales, despite continued economic uncertainty. Sales of vacant UK properties during the first four months of the financial year have been achieved at prices 5.8% above our September 2011 valuations. We are also experiencing on-going rental growth and increased fee income generated through our property management activities.
"During the period we have been net sellers across our property portfolios and, as stated previously, we intend to reduce group debt in a managed and cost effective way during the current financial year. This reduction will be weighted toward the second half of our financial year matching our recent sales profile."
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