Grainger PLC GRI Grainger Creates New Social Housing Subsidiary

  Grainger PLC (GRI) - Grainger Creates New Social Housing Subsidiary

RNS Number : 7145Q
Grainger PLC
09 November 2012






                                      

                                      

                  Grainger plc ("Grainger" / the "Company")

                                      

                                      

                GRAINGER CREATES NEW SOCIAL HOUSING SUBSIDIARY

                                      

   - Grainger plc receives final government approval to set up a subsidiary
   Registered Provider of social housing to support its long-term community
                             building programme -

                                      

                                      

Grainger plc today announces that it has received final approval by the Homes
and Communities Agency for the creation of a For Profit Registered Provider
(RP) of social housing. Grainger's new RP will be a subsidiary entity to
Grainger plc. It will enable Grainger to retain greater control over the
management of the affordable homes within its development pipeline over the
coming years through the RP, providing greater community building
capabilities.



Grainger has a development pipeline of more than 7,000 new residential
properties (a significant proportion of which will be affordable homes) over
the next 15-20 years, which the new RP could acquire and manage, although
Grainger will also continue to work with other social housing providers in
some instances.



To mark Grainger's 100^th year anniversary, the Company has resurrected the
name "Grainger Trust Limited" ("Grainger Trust"), the Company's original name
when it was established in Newcastle upon Tyne in 1912, to be the name of its
RP subsidiary.



The first scheme for which Grainger Trust will acquire affordable housing
units is Grainger's Berewood development, West of Waterlooville in Hampshire,
which in total comprises 168 developable acres to be delivered across 13
phases. The first phase of the development, an 11.2 acre site with planning
consent for 194 new homes (of which 77 are affordable) and an end gross
development value of around £35 million, was sold to Bloor Homes at the start
of October 2012.



Grainger Trust will own, rent out and manage affordable homes, using
Grainger's existing property and asset management platform, which currently
manages over 40,000 homes across the UK and Germany.



Deborah Shackleton CBE has been appointed Chair of the Grainger Trust Board.
Ms Shackleton is a Non-Executive Director of The Housing Finance Corporation
and has over 30 years of experience in the housing sector, particularly with
housing associations. Previously, Ms Shackleton was the Chief Executive of The
Riverside Group, one of the UK's largest housing associations.



In addition to Ms Shackleton, the Grainger Trust Board will comprise Gina
Amoh, Chief Executive of Inquilab Housing Association; Calum Mercer, former
Executive Director (Finance) of Circle Housing Group; Nick Jopling, Executive
Property Director at Grainger; Laure Duhot, Director of Strategic Capital
Markets at Grainger and a previous Non-Executive Director of Thames Valley
Housing Association; and John Beresford, Development Director (Strategic Land)
at Grainger.



The Grainger Trust Board will benefit from a unique platform of exceptionally
strong housing experience, pulling together Ms Shackleton's extensive
leadership experience, Ms Amoh's in-depth understanding of running a community
based housing association with a strong focus on customer service and Mr
Mercer's experience in housing finance and managing significant growth and
change programmes.



With over 100  years of experience  in owning, managing  and building  quality 
homes and managing  communities, Grainger  is uniquely placed  in the  housing 
sector.  Grainger   currently  works   in   partnership  with   other   select 
organisations such as the Ministry of Defence, Lloyds Banking Group,  Haringey 
Council, Hammersmith  and  Fulham Council,  Helical  Bar plc  and  Development 
Securities.



Andrew Cunningham, Chief Executive of Grainger plc, said:



"The creation of Grainger  Trust, allowing us to  operate as a social  housing 
provider, will strengthen  Grainger's overall residential  property offer  and 
ensure the  long-term success  of the  communities we  create and  work  with. 
Grainger Trust is a natural extension of Grainger's overall residential  offer 
and it is fitting that its launch should coincide with our company's centenary
year. We are pleased to have Deborah  Shackleton join us as chair of  Grainger 
Trust, along with the  other strong Board Directors,  bringing their years  of 
experience and understanding of this part of the housing sector to the table."



Deborah Shackleton, Chair of Grainger Trust, said:



"I am delighted to take up this demanding new role as chair of Grainger Trust.
The Trust will provide  ground breaking, high quality  service to a number  of 
future communities over a long  period of time. Housing associations  continue 
to deliver  excellent social  housing  provision, but  in  light of  the  UK's 
desperate need for more  housing, particularly social  housing, I believe  the 
sector  will   benefit  from   new  ventures   such  as   Grainger  Trust,   a 
commercially-minded organisation  with  a  strong social  purpose,  and  I  am 
excited to be part of it."



Grainger was advised by Savills and Devonshires.



                                    -ENDS-

                                      

For further information:

Grainger plc
Kurt Mueller
Tel: +44 (0) 20 7795 4700

FTI Consulting (PR Adviser to Grainger plc)
Stephanie Highett/ Dido Laurimore/ Will Henderson
Tel: +44 (0) 20 7831 3113





Grainger plc company background information



Grainger plc is the UK's largest listed residential owner and manager.
Grainger has over £3.0bn of residential assets under management across the UK
and Germany. Grainger invests in, trades and rents residential property across
the UK and Germany, and provides its services to select third parties.
Grainger was established in 1912 in Newcastle upon Tyne, where it remains
headquartered. In 2012, Grainger won the UK's Residential Asset Manager of the
Year at the RESI Awards. Grainger is a constituent of the FTSE 250 on the
London Stock Exchange and the FTSE4Good index.





Deborah Shackleton CBE



Deborah Shackleton is a Non Executive Director of The Housing Finance
Corporation and was previously Group Chief Executive of the Riverside Group,
one of the most prominent social purpose regeneration companies in the UK,
serving over 50,000 tenants and leading regeneration work in neighbourhoods
throughout England. She has been involved in housing and regeneration for over
30 years and her other interests include her role as a Trustee of National
Museums Limited (NML) and Governor at Liverpool John Moores University.





                     This information is provided by RNS
           The company news service from the London Stock Exchange

END


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