Grainger (GRI): Deleveraging to c.30% LTV

This situation live

£1,314m · 180.7p · −4% since the first step

Disposal of a part (break-up)

Deleveraging to c.30% LTV

Plan reaffirmed; disposals accelerated

Next: Deliver £300-350m net debt reduction by end FY29 via disposals

Every step · 3

20 Nov 2025 LTV 38.4%, target c.30% by FY29 – deleveraging by between c.£300m-350m with a Net Debt to EBITDA target of c.8x and LTV of c.30% ↗
14 May 2026 LTV rose to 40.2%; plan reaffirmed – Deleveraging plan supported by disposals programme with LTV forecast to reduce over time to c.30% by FY29 and a Net debt to EBITDA ratio of c.8x ↗
7 Sep 2026 Plan reaffirmed; disposals accelerated – We will reduce net debt by £300-350m by the end of FY29 to offset the rise in future finance costs from higher interest rates. ↗

What is happening

Grainger: Deleveraging to c.30% LTV – Plan reaffirmed; disposals accelerated. ['Plan reaffirmed; disposals accelerated']

Announced: 20 Nov 2025 · LTV 38.4%, target c.30% by FY29
Latest: 7 Sep 2026 · Plan reaffirmed; disposals accelerated
Why: Recycle capital from lower-yielding, non-core assets (primarily regulated tenancies) into BTR, funding the remaining pipeline spend and reducing net debt.
The business: FY25 sales of £169m
Use of money: Reinvest in the business, repay debt
What it changes: No change: operations, the 35% FY25-FY29 earnings target and the disposals-led deleveraging plan are reaffirmed, with the Cambridge planning consent adding to the pipeline and a political backdrop that has cleared.

Deliver £300-350m net debt reduction by end FY29 via disposals.

Briefing Pro

What it does, how it got here, what management promised and delivered – written from its own announcements.

From the company's own announcements. Not investment advice.

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