Grainger on track to become Real Estate Investment Trust after rise in rental income

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Rental income at property firm Grainger has risen by 11% as it continues its strategy to come the country’s leading provider of private rental property.

The Newcastle-based firm has released half-year results for the period to the end of March in which group revenue rose to £113.7m, though operating profit was broadly flat at £60.9m.

The group has since 2016 been focussing on growth in the PRS (private rental sector) market, disposing of £1.7bn of other properties since then and investing £2.5bn into the housing market. It now has a portfolio of around 11,000 homes with a further 5,000 homes in its development pipeline.

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