Grainger CEO signals £850m building drive
The new boss of residential landlord Grainger has unveiled plans to invest £850m in new homes for rent over the next five years.
Two months into the job, chief executive Helen Gordon has decided on a change in a strategy for the company, selling its Germany operations and its Retirement Solutions (equity release) business. This will bring 10% savings on overheads. It also plans further savings by slimming down the structure of the business. Non-core development assets will be sold.
Everything will now be focused on trying to capitalise on the growing opportunities of the private rental market.
Helen Gordon said: “Since joining Grainger on 3rd November I have worked closely with our team, undertaking a deep review of every aspect of the business. I have been hugely impressed with the unrivalled knowledge and expertise our people have and the platform that has been developed. Our high quality regulated tenancy portfolio provides an excellent foundation from which we can grow our offering of private rented sector (PRS) homes.
"However, it is clear that swift and decisive action is required to capitalise on the compelling PRS market opportunity and to enable Grainger to realise its potential of being the UK's leading private landlord. We will transition to one highly focused business that will deliver improved and sustainable, rental asset led shareholder returns."
Helen Gordon is one of the UK's most experienced property industry executives. She was previously head of real estate asset management at Royal Bank of Scotland. Before that, she was property director of Legal & General Investment Management’s £4.5bn Life Fund. Earlier roles include six years at Railtrack as property director and managing director of John Laing Developments, where she led the UK’s first PFI building project, the development of Ashford International Station.
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This article was published on 28 Jan 2016 (last updated on 28 Jan 2016).