Grainger raises £209m in oversubscribed share placing

Grainger has raised £209m in yesterday’s share placing. The FTSE 250 developer plans to invest the funds in a pipeline of BTR schemes. A total of 67,379,369 new ordinary shares were placed by JP Morgan Cazenove and Numis Securities at 310p per share. The price was a discount of 4.6% to yesterday’s closing price of 325p per ordinary share. Grainger said the placing was significantly oversubscribed, with considerable support from existing shareholders. The developer’s new CFO, Rob Hudson, took a total of 112,900 of the shares, handing him 0.02% of the company. Grainger CEO Helen Gordon said: “Grainger has a well-articulated growth strategy to further strengthen our nationwide PRS market leadership position with 10,000 homes and a further pipeline to almost double that.” To send feedback, e-mail piers.wehner@eg.co.uk or tweet @PiersWehner or @EGPropertyNews