Grainger has announced that a replacement has been appointed for Mark Greenwood, who is retiring as Finance Director at the end of the calendar year. Vanessa Simms will join Grainger in early Spring 2016 and brings experience from the listed property sector. The role will be covered on an interim basis by the Group Accounting Director. We are encouraged by the appointment and also on the news that Helen Gordon will take up the role of CEO imminently on 3rd November. We continue to see upside for Grainger as shareholder value is created through the reinvestment of proceeds from reversionary sales into PRS/Build to Rent, which offers compelling returns. We remain at BUY with a 295p 12m TP. Grainger is one of our Conviction Ideas for Q4.