Grainger extends its equity release market share
The UK’s largest quoted residential landlord Grainger has conditionally agreed to acquire AIM-listed property finance company Sovereign Reversions for £34.25 million.
Sovereign was considering an offer of 200p a share from another bidder but decided to take Grainger up on its 202p a share deal.
The company specialises in equity releases products which allow retired homeowners to release the equity in their homes without having to sell up. Many older people choose to do this as they find their pension funds to be insufficient. Sovereign also owns equity release provider Home & Capital.
Grainger already had a significant presence in the equity release market and will now enjoy an even greater share.