Grainger Trust financial year pre-tax profits slightly ahead of market consensus (UK)

Grainger Trust plc expects to book full year pre-tax profits slightly ahead of the current market consensus. The UK residential investor reported core tenanted residential sales have continued to exceed its September 2004 valuations and total sales volumes are expected to be approximately £132m for the 12 months to 30 September 2005 compared with last year's £135m.

During the second half of the year it completed or exchanged contracts for the purchase of approximately 46 mln stg of tenanted residential properties taking the year's total to 100 mln at investment value and also completed the purchase of City North Group PLC and some 450 properties, of which approximately 200 were regulated, from the Church Commissioners in a joint venture with Genesis Housing Group.

Source: Freeman

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