Grainger Creates New Social Housing SubsidiarySource: RNS
Grainger plc ("Grainger" / the "Company")
GRAINGER CREATES NEW SOCIAL HOUSING SUBSIDIARY
- Grainger plc receives final government approval to set up a subsidiary Registered Provider of social housing to support its long-term community building programme -
Grainger plc today announces that it has received final approval by the Homes and Communities Agency for the creation of a For Profit Registered Provider (RP) of social housing. Grainger's new RP will be a subsidiary entity to Grainger plc. It will enable Grainger to retain greater control over the management of the affordable homes within its development pipeline over the coming years through the RP, providing greater community building capabilities.
Grainger has a development pipeline of more than 7,000 new residential properties (a significant proportion of which will be affordable homes) over the next 15-20 years, which the new RP could acquire and manage, although Grainger will also continue to work with other social housing providers in some instances.
To mark Grainger's 100th year anniversary, the Company has resurrected the name "Grainger Trust Limited" ("Grainger Trust"), the Company's original name when it was established in Newcastle upon Tyne in 1912, to be the name of its RP subsidiary.
The first scheme for which Grainger Trust will acquire affordable housing units is Grainger's Berewood development, West of Waterlooville in Hampshire, which in total comprises 168 developable acres to be delivered across 13 phases. The first phase of the development, an 11.2 acre site with planning consent for 194 new homes (of which 77 are affordable) and an end gross development value of around £35 million, was sold to Bloor Homes at the start of October 2012.
Grainger Trust will own, rent out and manage affordable homes, using Grainger's existing property and asset management platform, which currently manages over 40,000 homes across the UK and Germany.
Deborah Shackleton CBE has been appointed Chair of the Grainger Trust Board. Ms Shackleton is a Non-Executive Director of The Housing Finance Corporation and has over 30 years of experience in the housing sector, particularly with housing associations. Previously, Ms Shackleton was the Chief Executive of The Riverside Group, one of the UK's largest housing associations.
In addition to Ms Shackleton, the Grainger Trust Board will comprise Gina Amoh, Chief Executive of Inquilab Housing Association; Calum Mercer, former Executive Director (Finance) of Circle Housing Group; Nick Jopling, Executive Property Director at Grainger; Laure Duhot, Director of Strategic Capital Markets at Grainger and a previous Non-Executive Director of Thames Valley Housing Association; and John Beresford, Development Director (Strategic Land) at Grainger.
The Grainger Trust Board will benefit from a unique platform of exceptionally strong housing experience, pulling together Ms Shackleton's extensive leadership experience, Ms Amoh's in-depth understanding of running a community based housing association with a strong focus on customer service and Mr Mercer's experience in housing finance and managing significant growth and change programmes.
With over 100 years of experience in owning, managing and building quality homes and managing communities, Grainger is uniquely placed in the housing sector. Grainger currently works in partnership with other select organisations such as the Ministry of Defence, Lloyds Banking Group, Haringey Council, Hammersmith and Fulham Council, Helical Bar plc and Development Securities.
Andrew Cunningham, Chief Executive of Grainger plc, said:
"The creation of Grainger Trust, allowing us to operate as a social housing provider, will strengthen Grainger's overall residential property offer and ensure the long-term success of the communities we create and work with. Grainger Trust is a natural extension of Grainger's overall residential offer and it is fitting that its launch should coincide with our company's centenary year. We are pleased to have Deborah Shackleton join us as chair of Grainger Trust, along with the other strong Board Directors, bringing their years of experience and understanding of this part of the housing sector to the table."
Deborah Shackleton, Chair of Grainger Trust, said:
"I am delighted to take up this demanding new role as chair of Grainger Trust. The Trust will provide ground breaking, high quality service to a number of future communities over a long period of time. Housing associations continue to deliver excellent social housing provision, but in light of the UK's desperate need for more housing, particularly social housing, I believe the sector will benefit from new ventures such as Grainger Trust, a commercially-minded organisation with a strong social purpose, and I am excited to be part of it."
Grainger was advised by Savills and Devonshires.
For further information:
Tel: +44 (0) 20 7795 4700
FTI Consulting (PR Adviser to Grainger plc)
Stephanie Highett/ Dido Laurimore/ Will Henderson
Tel: +44 (0) 20 7831 3113
Grainger plc company background information
Grainger plc is the UK's largest listed residential owner and manager. Grainger has over £3.0bn of residential assets under management across the UK and Germany. Grainger invests in, trades and rents residential property across the UK and Germany, and provides its services to select third parties. Grainger was established in 1912 in Newcastle upon Tyne, where it remains headquartered. In 2012, Grainger won the UK's Residential Asset Manager of the Year at the RESI Awards. Grainger is a constituent of the FTSE 250 on the London Stock Exchange and the FTSE4Good index.
Deborah Shackleton CBE
Deborah Shackleton is a Non Executive Director of The Housing Finance Corporation and was previously Group Chief Executive of the Riverside Group, one of the most prominent social purpose regeneration companies in the UK, serving over 50,000 tenants and leading regeneration work in neighbourhoods throughout England. She has been involved in housing and regeneration for over 30 years and her other interests include her role as a Trustee of National Museums Limited (NML) and Governor at Liverpool John Moores University.
This information is provided by RNS