Grainger, the UK’s largest listed residential landlord, has announces that it has exchanged contracts with Turbo Group Holdings Limited, an entity owned by Patron Capital Partners and Electra Private Equity plc to sell its Equity Release Division (“Retirement Solutions”), with completion anticipated on or before 30 May 2016, subject to Turbo gaining regulatory approval from the Financial Conduct Authority (FCA).
For the year to 30 September 2015, the Retirement Solutions division delivered gross sales proceeds of £35.9m, recurring profit of £6.1m and a loss before tax of £5.4m after non-recurring items.
As at 30 September 2015, the division comprised a portfolio of 3,671 residential properties predominantly subject to home reversion plans (a type of equity release product), with a market value of £327m. The sale of the division includes Grainger Equity Release Limited, Grainger Equity Release Management and Bridgewater, the home reversion brand.
ELTA : Electra buys Grainger Retirement Solutions