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Grainger to sell equity release division

Mon, 04th Jan 2016 07:55

(ShareCast News) - Grainger was expecting a cash boost on Monday, with the announcement it was selling its equity release division.The FTSE 250 landlord - the UK's largest listed residential lessor - reported it had exchanged contracts with Turbo Group Holdings to sell its Retirement Solutions business on or before 20 May, subject to Turbo gaining approval from the Financial Conduct Authority.Gross consideration for the deal at completion was estimated at £325m, comprising £175m cash and the transfer of £175m debt to Turbo, secured by the assets sold.Grainger was also looking at a £55m profit on the sale. The group's CEO, Helen Gordon, described it as an important sale."(The deal) accelerates the transition to a business focused on the residential rented sector and will simplify the group", she said."It will materially reduce out financial and operational costs, including costs associated with running an FCA regulated business, and will significantly strengthen our balance sheet and capacity for investment."The sale follows the November sale of Grainger's interest in its German joint venture with Heitman, and the planned disposal of its wholly owned German assets, as part of the group's streamlining.Turbo Group's parents, Patron Capital Partners and Electra Private Equity, both described the business - which includes more than 3,600 residential properties - as "attractive".
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26 May 2016 14:30

FTSE 250 movers: Ibstock retreats as Pets at Home accelerates

(ShareCast News) - The FTSE 250 slipped further into the red late as Thursday wore on, despite having peeped its head above water around midday. Leading the index lower, shares in Ibstock subsided as the brick maker reported a slow start to the year for its UK clay business had lasted four months b

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26 May 2016 11:05

LONDON MARKET MIDDAY: Stocks Higher But Pound Knocked By Weak UK GDP

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26 May 2016 10:36

EXTRA: In Charge, Bramson Serves Notice To Electra Investment Manager

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26 May 2016 09:03

Electra Private Equity names activist investor Bramson as interim CEO

* Interim findings of strategic review prompt changes * Seeks CFO, to appoint new non-executive directors * Serves notice on investment manager Electra Partners By Simon Jessop and Anjuli Davies LONDON, May 26 (Reuters) - Electra Private Equity on Thursday appointed activ

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26 May 2016 07:26

LONDON BRIEFING: Investor Bramson Named CEO Of Electra Private Equity

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26 May 2016 07:14

Electra Private Equity Bows To Bramson, Makes Him Interim CEO

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5 May 2016 15:14

Dividends Calendar - Week Ahead

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4 May 2016 16:00

LONDON MARKET CLOSE: Miners, Grocers Hit FTSE 100, ICE Drops LSE Bid

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4 May 2016 12:30

Electra Private Equity posts strong first-half returns

(ShareCast News) - Electra Private Equity looked to be sitting on solid foundations on Wednesday, as it claimed strong returns in its first half. The FTSE 250 company reported a net asset value per share of 4,405p - a total return of 15% in a period where the FTSE All-Share has returned 4%. Total n

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4 May 2016 11:07

LONDON MARKET MIDDAY: Miners And Grocers Depress FTSE 100

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4 May 2016 09:36

WINNERS & LOSERS SUMMARY: Deal For London Bus App Lifts Proxama 20%

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4 May 2016 07:52

UPDATE 1-UK's Electra makes total return of 15 percent, seeks directors

(Adds comments from chairman, detail) LONDON, May 4 (Reuters) - British private equity firm Electra said on Wednesday it made a total return of 15 percent in the six months ended March, helped by profit growth in its portfolio of companies. The Hotter Shoes owner said it would pay an

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4 May 2016 07:35

Electra Private Equity Boasts Strong Investment Performance In Half

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4 May 2016 06:15

UK's Electra sees total return of 15 percent

LONDON, May 4 (Reuters) - British private equity firm Electra said on Wednesday it made a total return of 15 percent in the six months ended March, helped by profit growth in its portfolio of companies. The Hotter Shoes owner said it would pay an interim dividend of 44 pence a share and it

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29 Apr 2016 10:06

CD&R swallows sausage casings maker Kalle

LONDON, April 29 (Reuters) - U.S. buyout house Clayton Dubilier & Rice (CD&R) has bought German sausage casings maker Kalle from Silverfleet Capital, the companies said on Friday. Terms of the deal were not disclosed, but two sources familiar with the process said the price was towards the

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