Grainger has issued a trading update covering the 10 month period YTD to the end of July. Rents have continued to grow on both new lets and renewals, whilst sales completed year to date, and in the pipeline, are as expected. Sales transactions are performing well with prices realised 7.7% above the last valuation, and no material impact post-Referendum. We note continued progress towards strategic goals: PRS investment and capturing cost savings. We leave our forecasts unchanged. We continue to believe that Grainger should trade at a small premium to NNNAV given the opportunity in the PRS pipeline – our 320p target price equates to 1.1x P/NNNAV. We retain our BUY recommendation.