- Grainger said the proposals calling for the review of the London rental market put forward by London Mayor Sadiq Khan would have 'limited effect' on its business as more than a fifth of its properties are open market rented.

'Of Grainger's total portfolio of c.8,600 properties, 22% are open market rented in the wider London area. The proposals if implemented have limited effect on Grainger's business,' the company said.

The proposals tabled by Mr Khan, however, are subject to Parliament's support and new legislation, which the Mayor himself acknowledged he does not have the power to implement, Grainger said.

The Mayor also called for incentives and support for the build-to-rent and professional rental market in order to protect investment in new housing supply and existing high-quality rental homes. This aligned to Grainger's strategic aims and our position in the market, the company added.

In a separate statement, the company announced it had Grainger refinances £275m of debt, finalising the integration of its GRIP PRS portfolio at attractive long-term rates.

The new facility consists of two tranche tenors, a £75m tranche for seven years and a £200m tranche for ten years, with a blended interest rate of 2.3%, compared to a previous rate of 3.2%.

At 8:07am: [LON:GRI] Grainger PLC share price was -0.2p at 236.2p

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