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Grainger £290m Placing via ABB
Numis Acts as Joint Bookrunner to Grainger on its £209m Placing via ABB.
Residential landlord Grainger worked with Numis, as its Joint Bookrunner, in its Placing via ABB.
Founded in 1912, Grainger is the UK’s largest listed residential landlord, with a clear growth strategy in the Private Rented Sector (‘PRS’) led by Helen Gordon.
“Grainger has a clear strategy, which is well understood and supported by the Numis team. They worked alongside us with purpose and pace to bring this equity issue to the market after the summer break”.
Numis is pleased to have played a critical role as Joint Bookrunner, wall-crossing investors immediately after the August bank holiday, allowing Grainger to be the first UK primary issuer post the summer break.
The placing, for 9.99% of ISC, was multiple times oversubscribed and priced at an 8.4% premium to NAV and a 0.3% premium to the 30-day VWAP. The proceeds, alongside debt at 40-45% LTV, will fund two committed schemes and accelerate a number of uncommitted pipeline schemes, allowing Grainger to increase its scale and market-leading position in PRS.
The transaction marks the third fundraise Numis has executed for Grainger, having advised the company for over 9 years. Numis has consistently brokered the story, resulting in best-in-class market intelligence, ensuring investor demand was there at the right time. This history of mutual trust is a recurring theme in recent ECM transactions conducted by Numis in Real Estate, including for clients such as Unite and PHP.
The placing, for 9.99% of ISC, was multiple times oversubscribed and priced at an 8.4% premium to NAV and a 0.3% premium to the 30-day VWAP. The proceeds, alongside debt at 40-45% LTV, will fund two committed schemes and accelerate a number of uncommitted pipeline schemes, allowing Grainger to increase its scale and market-leading position in PRS.
The transaction marks the third fundraise Numis has executed for Grainger, having advised the company for over 9 years. Numis has consistently brokered the story, resulting in best-in-class market intelligence, ensuring investor demand was there at the right time. This history of mutual trust is a recurring theme in recent ECM transactions conducted by Numis in Real Estate, including for clients such as Unite and PHP.
“This transaction is a great example of Numis supporting a long-standing client with a strategic and front-footed equity raise, enabling Grainger to accelerate its growth plans and maintain its market-leading position in PRS”.
The deal team at Numis was led by Heraclis Economides, Richard Thomas and Ben Stoop.
For more information, please contact your Numis representative.
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Numis is an ambitious, dynamic and innovative investment bank, driven to excel across all aspects of its delivery.
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