Grainger has made further positive progress in improving the funding profile of the portfolio following the refinancing of the core facility. The debt facility backing the Grainger Invest portfolio in Central London (11% of group total facilities) has been refinanced increasing the size and lowering the margin. The new maturity on the facility leaves Grainger with no significant obligation for c.5 years. S&P has raised the rating on Grainger’s corporate bond to BBB- investment grade (from BB+) on an improved valuation of assets. We remain at BUY with a 295p 12m TP and we expect Grainger to create significant shareholder value in the medium term through the redeployment of capital released from reversionary assets into PRS/build-to-rent opportunities. Grainger is one of our Conviction Ideas for Q4.