Grainger appears to be another of those niche property companies that have both strong growth prospects and a relative immunity to whatever the market throws at it. The stock market seems to be taking a long time to appreciate this, though.
The shares are still where they were halfway through last year. During the intervening period Grainger has announced a complete change of direction and gone a long way towards achieving it.
The company was known as the UK’s biggest private landlord, holding homes on controlled rents and taking the income until the properties were vacated for whatever reason and then selling them for a profit. At the start of the year Helen Gordon, the new chief executive, announced details of an aggressive move into