Grainger, the UK’s largest listed landlord, has said the EU referendum has had no material effects on its operations.
In a trading statement for the 10 months to the end of July, Grainger said that operational activity had been in line with management expectations, and it was seeing strong demand for rental homes.
Chief executive Helen Gordon (pictured) said: “We have not seen any material impact on our business following the EU referendum, although we are monitoring the situation closely.
“With a strong balance sheet and low financial gearing, we are well positioned to take advantage of new potential PRS investment opportunities following the EU Referendum. We remain confident in and committed to delivering our strategy to grow net rental income while simplifying the business to improve returns.”
The statement said it had seen average annual rental growth of 4.9% on its new lettings, and 2.8% on renewals.
It said it had generated £91m in sales revenue from vacant properties over the period, while key strategic disposals included the £325m sale of its equity release business in May and the sale of the majority of its remaining Germany portfolio in June for £42m.
Grainger converted its PRS Fund, GRIP, into a REIT in July, creating the first substantial residential REIT in the UK.
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