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Shares in FTSE 250 residential property firm Grainger (LON:GRI) climbed by 3.73% to 250.60p (as of 13:00 GMT) as it said that collection levels had remained high during March with strong occupancy. Management said that they expected some delays to the construction pipeline and rental growth would slow during the coming months as turnover fell.
CEO Helen Gordon commented: “Grainger homes have never been so intensively used with the necessity of home working or self-isolation for many. Our customers’ homes have also become offices, classrooms, social spaces and places of sanctuary. Demand for good quality homes supported by good service and leading technology, has become even more important when the priority has rightly been on protecting the health and safety of everyone. In response to Covid-19 Grainger employees are working remotely, supporting our customers and we are in regular contact with our older customers.
“Grainger is well placed to operate through an extended period of uncertainty. Our successful equity raise in February 2020 puts us in a strong position and our balance sheet is robust, with our LTV at a six-year low. We have significant cash reserves and available committed facilities that mean we can continue to make the right decisions for the business in these uncertain times from a position of financial strength“.