22 November 2023

Grainger plc

Network Rail, Bloc Group, and Grainger create new Build-to-Rent partnership across Great Britain

Potential to deliver over 2,000 homes across six major cities

Grainger plc, the UK's largest listed residential landlord with over 10,000 operational rental homes, today announces that it has agreed to enter a partnership with Network Rail and Bloc Group, through 'blocwork', a Joint Venture between the two parties.

The partnership has the potential to deliver over 2,000 new purpose-built rental homes across sites in major cities across Great Britain.

Network Rail, Bloc Group and Grainger have recently completed The Barnum, a highly successful 348-home build-to-rent scheme in Nottingham, with blocwork as developer and Grainger as investor, funding the development and operating it upon completion.

In this new partnership, Network Rail will bring forward potential sites for build-to-rent from its extensive, well located property portfolio and with the Blocwork JV as developer, will take the schemes through the planning process, with Grainger actively involved in design proposals. Once planning approval is secured, Grainger will forward fund the scheme and ultimately own and operate the completed schemes.

The selection of the brownfield sites for development follows other successfully completed wider station developments that have been brought forward in major cities. These sites provide excellent transport connections for future residents and align closely to the partners' strategy of delivering housing that creates long term value and delivers sustainable regeneration.

Helen Gordon, CEO at Grainger, said: "Having successfully delivered The Barnum, a build-to-rent scheme of 348 homes, with the Network Rail and Bloc Joint Venture 'blocwork', we see this as a great opportunity to collaborate further and deliver a potential 2,000 much needed high quality rental homes across the country, aligned to our city strategy. This partnership supports Grainger's ambitious growth plans and provides access to superbly located and well-connected sites".

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For further information, please contact:

Investor relations

Kurt Mueller, Director of Corporate Affairs, Grainger plc:                                     +44 (0) 20 7940 9500

Media

Julie Deighton, Director of Communications, Grainger plc:                                  +44 (0) 20 7940 9500

Ginny Pulbrook / Geoffrey Pelham-Lane, Camarco:                                            +44 (0) 20 3757 4992 / 4985