Acquisition

Grainger PLC
17 September 2007



17 September 2007


                    Grainger plc ("Grainger"/"the Company")

        GRAINGER ACQUIRES PORTFOLIO OF 309 UNITS IN EAST DULWICH, LONDON


Grainger plc, the UK's largest quoted residential landlord, today announces that
it has acquired the entire shareholding in The Tilt Estate Company Limited,
which owns over 300 residential units, for £47.9 million. The total property
portfolio is valued at £62.5 million and is located in East Dulwich, London,
SE22, with the majority of properties situated around a private garden square.


Two thirds of the properties are subject to assured shorthold tenancies and over
50 are subject to regulated or assured tenancies. They therefore increase and
strengthen Grainger's existing portfolios.  In addition, the portfolio is in
line with the Company's acquisition criteria, as it offers a number of
opportunities for Grainger's in-house property and asset management teams to add
value. This is particularly significant to ensure the benefits from any
potential long term upside in this improving area are delivered.


The portfolio currently generates a total rent roll of £2.2 million per annum.
A number of the properties are currently vacant and therefore offer immediate
opportunities to enhance income and the assets' underlying value.


The purchase, from Wainford Holdings Limited, has been funded from existing
facilities.


Commenting on the acquisition, Rupert Dickinson, Chief Executive of Grainger,
said:


"This is an excellent opportunity to buy a substantial portfolio comprising a
large number of quality assets that offer an excellent strategic fit with our
existing holdings.  We were delighted to have secured this portfolio off-market
through our extensive network of contacts.


"We are particularly pleased to acquire these substantial Victorian properties
in an area of London that has such potential for future growth. The vendor has
developed excellent relationships with the tenants in this sought after rental
location. We look forward to using our property and asset management expertise
to further enhance the value of the portfolio."



                                      END


For further information:

Grainger plc:                                         Tel: [phone]
Rupert Dickinson                                      Tel: [phone]
Andrew Cunningham                                          [phone]

Financial Dynamics:                                   Tel: [phone]
Stephanie Highett
Dido Laurimore
Jamie Robertson




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