Grainger (GRI) has taken another step towards becoming a UK-focused landlord in the private rental sector, with the sale of its German joint venture for a profit of £11m. All that remains in the country is a property portfolio worth around £142m, which chief executive Andrew Cunningham expects to be sold by the end of June next year.
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Headline profit in the UK was dented by a number of one-off factors, but the key underlying metrics remained robust. Net rental income from UK residential assets grew by 7 per cent to £32.3m, while profit from the sale of reversionary assets rose from £60.6m to £68.4m. Mr Cunningham reckons the current portfolio will continue to generate cash from sales for the next 15 to 20 years.