Will Grainger be bought out?

Jun 30 2008 by Karen Dent, The Journal

THE REGIS group may make a second bid for North East property giant Grainger Trust, according to Sunday newspaper reports

Residential landlord Grainger Trust, which is headquartered in Newcastle and owns 14,000 properties in the UK plus further portfolios in Germany, Estonia and the Czech Republic, has seen its share price slide from 440p in February to 210p last week because of the bleak housing market.

Regis Group, which rents out properties and has a venture capital wing, made a failed £885m bid for Grainger in 2006. At the time, Grainger rejected the offer as ‘significantly’ undervaluing the business. Sources believe Grainger would now fetch around £700m.