UK’s largest listed residential landlord has BTR pipeline worth £1.3bn
Revenue and pre-tax profit were up at Grainger in the landlord’s latest interim results.
Figures, published this morning, for the six months to 31 March 2025, showed group revenue increased to £136.4m from £113.7m in the same period the year prior.
The UK’s largest listed residential landlord and a major build-to-rent developer also recorded a return to profit in the period.
IFRS profit before tax for the half-year stood at £74m, after a loss of £31.2m in the same period last year.
The group also posted a 15% increase in net rental income to £61.3m.
Helen Gordon, chief executive, said the firm’s performance was “driven by our new openings, growth in underlying rents and our ability to leverage our central costs and operational platform”.
She said private rented residential had “proven its resilience through the cycle compared to other real estate asset classes with excellent rental growth protecting valuations and we are seeing continued valuation growth”.
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Grainger currently has a build-to-rent pipeline which it values at £1.3bn.
Gordon said that through delivery of the first part of this pipeline, it expected to deliver “strong like-for-like rental growth and 50% earnings growth from FY24 to FY29 after fully absorbing the impact of higher interest costs”.
“We have significant firepower from our non-core portfolio to fund growth beyond that for our remaining pipeline or additional stabilised acquisitions,” she added.
The firm’s next trading update will be in September, with full-year results due to be published on 20 November 2025.
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