Billionaire Mike Ashley Wagers on UK Rental Homes With Grainger Bet

Billionaire UK retail tycoon Mike Ashley has placed a major wager on UK rental housing, acquiring an indirect stake in landlord Grainger Plc.

The Frasers Group Plc founder has acquired a 3.1% interest in the company through derivatives contracts in his own name, according to a filing. Ashley placed the wager in the form of a spread bet, a means of speculating on price movements without owning the underlying securities and their voting rights, the filing shows.