Grainger has released a trading update for the 4 months to the end of January. Rental growth is strong and sales performance is healthy, with sales values exceeding last appraised VPV and an £81m pipeline. Year to date, Grainger has committed £124m to PRS investment including c.£25m of tenanted PRS units. We await further detail on cost savings which will be announced at the interim results (19th May). The shares continue to trade at a c.20% discount to NNNAV. We reiterate our BUY recommendation ....
