Grainger is Lloyds’ choice for portfolio

Lloyds has signed contracts choosing Grainger as the preferred supplier to the Residential Asset Management Portfolio, a vehicle to restore the value of its troubled housing assets.

By The Newsroom

Published 5th May 2011, 10:51 BST

Grainger would manage the housing assets placed in RAMP, after the commencement of an insolvency process, said Grainger yesterday, adding the deal with part-nationalised Lloyds was the first of its kind in the UK.

“The transaction will deliver to Grainger a recurring income stream with the potential for further upside without the need to commit any group equity or debt,” said Grainger’s executive property director, Nick Jopling.

Grainger would receive fees based on rent, disposals and shared success fees, thereby aligning its interests with those of any administrator or receiver of any assets placed into RAMP.

Grainger said that it managed a portfolio in the UK comprising about 20,000 residential assets.

Lloyds