29th January 2026

Grainger plc

("Grainger" or the "Company")

Construction begins on Grainger's second BTR scheme in Guildford

Grainger plc, the UK's largest listed residential landlord and leader in the Build to Rent (BTR) sector, is pleased to announce that construction has commenced on its second BTR scheme at Guildford Station, delivering 179 new rental homes.

This c.£75 million investment is in line with Grainger's cluster strategy and adds 179 new homes to the 98 homes already delivered at The Mint, totalling 277 homes and over £116m of investment in Guildford by Grainger.

In partnership with Solum, a joint venture between Platform4 - Network Rail's property development company - and Kier Property, the regeneration at Guildford Station reinforces the potential for high-quality housing development adjacent to train stations and aligns with the Government's announcement in November 2025.[1]

This is the second project the partnership has delivered at Guildford, with excellent connectivity credentials, reflecting Grainger's strict investment criteria focused on assets with strong transport links to high employment zones.

Earlier this week, Grainger's Chief Executive Helen Gordon joined the Housing Secretary, Steve Reed, and the Chancellor of the Exchequer, Rachel Reeves, at a roundtable with industry leaders to discuss the National Planning Policy Framework and the Planning and Infrastructure Act. The conversation focused on planning reform, infrastructure investment and partnership with the private sector. Construction commencing at Guildford Station reflects this shared focus on accelerating housing delivery through well‑connected, station‑led development.

The scheme will benefit from the wider £150m regeneration of the station quarter which includes £25m of station improvements. These comprise a new double-height ticket office designed to accommodate future customer growth through to 2035, improved pedestrian routes to platforms and a new multi-storey car park - all of which enhance transport connectivity for the town.

Construction is expected to complete in 2028, with leasing commencing thereafter, contributing to Grainger's earnings from FY28, in line with our prior earnings guidance.

Helen Gordon, Chief Executive of Grainger, commented:

"Working with our partners Network Rail and Solum, we are delighted to deliver our second BTR scheme at Guildford Station. This scheme exemplifies our strategy of investing in well-connected locations with strong rental demand, while leveraging our cluster approach to deliver operational efficiencies and a great customer experience.

"This landmark regeneration project builds on our successful partnership with Network Rail, which has delivered 857 rental homes and includes plans for up to 2,000 more. It reinforces our commitment to creating thriving communities and delivering long-term value for our shareholders."

Kevin McGinley, Development Director for Platform4, said:

"It is great to start work on the second phase of homes at Guildford Station and further establish the residential community in the town centre with Grainger. This scheme again demonstrates how under-used railway land such as surface car parking can be transformed to deliver essential homes alongside funding infrastructure improvements."

Leigh Thomas, Group managing director of Kier Property and Head of Solum, added:

"We are proud to be playing our part in delivering this significant regeneration at Guildford Station alongside Network Rail, Grainger and Platform4. By unlocking the potential of under-used railway land, this development will provide much-needed new homes while enhancing the station environment and wider town centre. It reflects our strength in working collaboratively with partners to deliver complex, mixed-use schemes that create long-term value for communities and stakeholders alike."

-ENDS-

For further information, please contact:

Investor Relations

Kurt Mueller, Grainger plc:                                                            +44 (0) 20 7940 9500

Media

Valentine Agamah, Head of Communications, Grainger plc:         +44 (0) 20 7940 9500

Ginny Pulbrook / Geoffrey Pelham-Lane, Camarco:                     +44 (0) 20 3757 4992 / 4985                  

About Grainger plc 

Founded in Newcastle upon Tyne in 1912, Grainger plc, a FTSE 250 business, is the UK's largest listed residential landlord, a Real Estate Investment Trust (REIT) and leader in the fast-growing build-to-rent sector, providing c.11,100 rental homes to over 25,000 customers. With a pipeline of secured build-to-rent development projects totalling c.4,500 homes and £1.3bn, Grainger is creating thousands more rental homes by investing in cities across the UK.  

Grainger works in partnership with a large number of public sector organisations to deliver new homes to local communities, including Transport for London, Network Rail, the Ministry of Defence, Lewisham Borough Council and the Local Pensions Partnership. 

Grainger's build-to-rent developments provide a range of customer benefits from professional on-site resident services teams, resident amenities including gyms, residents' lounges, roof terraces, meeting rooms and co-working space for those working from home, and superfast 250MB fibre optic broadband. 

Grainger takes a leading approach to sustainability and Environmental and Social issues (ESG), recognised as a FTSE4Good business, the National Equality Standard and ranked a Top 50 employer by Best Companies in the Large Company category.