Grainger shares fall on rights issue

By Frances Ivens2018-11-15T08:22:00

Source: Shutterstock/Vectorfusionart

Shares in Grainger fell 4.5% on Wednesday to 275.8p after the company announced a discounted rights issue alongside plans to buy the share in GRIP REIT it didn’t already own from Dutch pension fund APG for £396m.

Grainger already manages GRIP and currently has a 24.9% stake in the vehicle, which holds 35 properties with a gross asset value of £696m. The remainder is held by APG, one of the investors behind Get Living.

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