Grainger expects to report 42% rise in property sales

Britain's biggest quoted residential landlord, Grainger, has announced that it expected to see a year-on-year jump of 42 per cent in earnings from sales in the fiscal first half that ended on March 31.

Grainger expects to report sales from its core & retirement solutions portfolio of around GBP78.5 million as compared with GBP55.3 million in the corresponding period of last year.

The company said completed sales included GBP14.9 million of one-off sales of land as well as associated assets from agricultural portfolio in addition to GBP5.2 million of investment sales.

The company added that it possessed an additional GBP30.8 million of transactions in the pipeline.

It was also informed that sale prices for land and properties had soared 6.3 per cent since September last year.

Grainger, which possesses around 13,000 properties in Britain and as many as 7,000 in Germany, has plans to reveal half-year results on May 20.