Grainger set to expand equity

By Daily Mail Reporter
Updated:

 

Britain's largest listed residential landlord Grainger has launched a joint venture to expand its equity release business - which lets homeowners turn property ownership into cash.

Grainger (up 4.5p to 106.70p) said it had sold a 50% interest in Sovereign reversions, the equity release business it bought for nearly £35m in June, to real estate investor Moorfield for £17.5m.

'Both Grainger and Moorfield are firmly committed to the equity release sector and increasing the value of the existing portfolio of assets and, in time, will look into the possibility of acquiring further assets,' Grainger said.

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