Grainger's key ambition for this year is to reduce its debt pile by selling houses. That is now well under way, with £62.4m worth of housing sold in the four months to 31 January and a further £118m of sales in the pipeline, according to a trading update (£57.3m and £76.2m in 2011). Crucially, it has not had to compromise on its return targets to meet this goal - it sold its UK houses at 5.8 per cent above September valuations.
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