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TODAY'S OTHER NEWS

Build To Rent provider eyes further growth after profits surge

The Build To Rent provider Grainger has reported a 23 per cent rise in profits and says it is looking for further growth as the BTR sector increases in size and influence.

Grainger is already a FTSE 250-listed company and manages thousands of rental properties across the country; more recently it has indicated it wants to become a major player in Britain’s BTR sector where institutions fund and manage rental blocks, seen as an alternative provider of accommodation to traditional buy to let landlords.

In a report to its shareholders, Grainger says its net annual rental income has increased nine per cent to £21.8m, up from £20m a year earlier.

The company’s adjusted earnings were up 20 per cent to £40.9m, while its pre-tax profit increased 23 per cent to £50.6m.

The company says Londoners in particular are demanding a rental quality, with additional services, that only BTR can provide. 

“I am pleased to report another period of strong performance. We continue to lead the private rented sector, a sector undergoing structural growth, and we are well positioned for the future. We are a business on a strong growth trajectory and the opportunity in the UK [Build To Rent] market is vast. We are uniquely placed given our market leading position and our in-house capability to originate, invest and operate homes for rent” according to the firm’s chief executive Helen Gordon.

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