GBP5.15m portfolio buy
06 Juin 2005 - 11:50AM
UK Regulatory
RNS Number:1705N
Grainger Trust PLC
06 June 2005
FOR IMMEDIATE RELEASE
6th June 2005
GRAINGER TRUST ACQUIRES #5.15m PORTFOLIO OF
REVERSIONARY LEGAL CHARGES FROM
NATIONWIDE BUILDING SOCIETY
Grainger Trust plc ("Grainger"), the UK's largest quoted residential property
investor, today announces it has completed the acquisition of a portfolio of 159
legal charges from Nationwide Building Society ("Nationwide") for a total
consideration of #5.15m cash.
The Charges are held over a portfolio of predominantly retirement flats built in
the 1980's throughout the UK. The charges relate to a retained equity share in
each individual flat and enables the holder to redeem the equity share at a
fixed expiry date or if the flat is sold. The value of the equity share is the
greater of the original amount or the current market value of that share.
Rupert Dickinson, Chief Executive of Grainger, commented: "This is an
opportunity to acquire a first rate portfolio to compliment our existing equity
release business."
Grainger was advised by Dickinson Dees and Nationwide was advised by Burgess
Salmon.
Ends.
Contact:
Grainger Trust plc
Rupert Dickinson, Chief Executive. Tel: 020 7795 4700
Peter Couch, Director of Equity Release Tel: 0191 269 5934
Baron Phillips Associates
Baron Phillips Tel: 020 7920 3161
Tel: 07050 124119
This information is provided by RNS
The company news service from the London Stock Exchange
END
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