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Grainger Says Occupancy Recovery Well Progressed, Now 94%

Grainger plc (GRI.L), in its update on trading in respect of its financial year ended 30 September 2021, announced a swift recovery in occupancy on about 7,000-home PRS portfolio and at the end of September have returned to 94% occupancy.

The company said it is on track to deliver 95% occupancy across portfolio shortly and ahead of target.

The company noted that it is successfully recovering occupancy on those schemes most impacted by Covid lockdowns and restrictions over the past 18 months.

The company said it is delivering exceptional lettings performance on newly launched schemes, comprising a total of about 1,000 rental homes, significantly ahead of underwriting.

In a separate press release, Grainger said that it has exchanged conditional contracts to forward fund and acquire Merrick Place, a 401-home build-to-rent development scheme in Southall, West London, for 141 million pounds.

Construction of Merrick Place is expected to commence in December 2021, with practical completion targeted in mid-2025. It is anticipated that the scheme, including the commercial element, will generate a gross yield on cost of 5.75% once fully let and stabilised.

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