PROPERTY group Grainger is aiming to reduce its debt to £1bn by the end of next year after slicing £260m off the figure this year.
The Newcastle-based business, which operates in the UK and Germany, now has net debts of £1.19bn. The figures were revealed in the group’s annual results for the year to the end of September.
Grainger, the UK’s biggest residential landlord, moved into the red with a pre-tax loss of £1.7m, compared to a £26.1m profit a year ago. It said derivative movements of £31.2m were to blame for the loss.
The company, which recently announced a joint venture to manage property in Germany, announced a flat operating profit (before valuation movements and non-recurring items) of £126.4m.
Chairman Robin Broadhurst said: “Over a period of time, we will increase our exposure to rental property through our build to rent and affordable housing initiatives.
“We will also take advantage of our strong operating platform to continue to expand our management activities on behalf of third parties and our strategic alliances with excellent partners, the latest being our joint venture with Heitman in Germany, announced following our year-end."