Grainger sales fall as it reshapes debt

first_imgWednesday 9 February 2011 7:57 pm Share by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodayMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen HeraldBetterBe20 Stunning Female AthletesBetterBeWanderoamIdentical Twins Marry Identical Twins – But Then The Doctor Says, “STOP”Wanderoam Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofChicken Bao: Delicious Recipes Worth CookingFamily ProofCheese Crostini: Delicious Recipes Worth CookingFamily ProofNew England Patriots’ Cam Newton says no extra motivation from Mac Jones’Sportsnaut LANDLORD Grainer yesterday said its sales pipeline has dropped £20m year-on-year, and that it has taken steps to streamline its debt with a £100m facility with M&G Investments, an arm of Prudential. FTSE 250 member Grainger, the UK’s largest listed housing landlord, yesterday said that sales between October and January dropped 32 per cent by volume on last year, completing sales of 216 units for £37.4m compared with 321 houses for £54.5m. Its sales pipeline at the end of January stood at £76.2m, down from £94.8m a year ago, though its acquisitions pipeline has risen 55 per cent to £13.4m.The firm, which makes money from both rental income and property sales, has submitted planning permission for three new build projects in London as well as one in Hampshire.Grainger warned that the residential market remains challenging, in part due to a squeeze on mortgage approvals. Chief executive Andrew Cunningham said: “We continue to employ an extremely selective acquisitions policy, only seeking out opportunities that we believe will offer sustainable value.”Grainger has taken the first major step to restructure its £1.3bn debt pile by signing a long-term £100m loan with M&G, which will be used to repay part of its existing bank facility and pushes the company’s average debt maturity from 3.5 years to 4.3 years.Analysts at JP Morgan Cazenove said in a note that the firm’s sales in the period were 1.4 per cent ahead of September’s book value, and that the firm “continues to demonstrate sound operational results”. Grainger shares closed up 2.3 per cent at 102.3p yesterday. Show Comments ▼ whatsappcenter_img KCS-content Grainger sales fall as it reshapes debt whatsapp Tags: NULLlast_img

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