Additional Debt Facility

Grainger PLC
31 March 2008

31 March 2008



                  Grainger plc ("Grainger"/"Group"/"Company")



                  Grainger Announces Additional Debt Facility



Grainger plc, the UK's largest quoted residential property owner, is pleased to
announce that it has created significant additional liquidity in its core UK
debt portfolio by raising a further £228 million five-year revolving credit
facility. The average maturity of the Group's main facility has now increased to
approximately four years and across the whole Group the average maturity of our
debt is five years.  The first refinance of part of the main facility is due in
June 2010.



This new facility will increase Grainger's headroom to approximately £412
million including cash of £73 million and the average lending margin on its core
UK debt will increase by just four basis points to 77 basis points.  This
positions Grainger well to act upon acquisition opportunities as they arise,
thereby enhancing its ability to create shareholder value.



At 31 January 2008, the loan to value ratio on the Company's core facility
amounted to 57.9%, compared to a bank covenant limit of 80%, although the
banking documentation provides for property acquisitions to be reduced should
the loan to value ratio exceed 70%.



Andrew Cunningham, Grainger's Deputy Chief Executive and Finance Director
commented:



"Liquidity, the availability of finance and securing debt of longer maturities
are vital factors for real estate companies in the current credit environment.
We are very encouraged that our relationship banks continue to support us in
such a positive way, demonstrating third party confidence in the robustness of
our business model. It is particularly pleasing that we have introduced two new
participants, Bank of Ireland and Handelsbanken, to the core group of lenders
and we look forward to working with them in the future.



"As we mentioned in our recent Interim Management Statement, whilst we continue
to seek and identify opportunities, we do so with caution and will continue to
only act upon those that are well priced and where we can add value. This new
facility gives us flexibility that we believe will prove very valuable in the
medium term."







For further information:
Grainger plc                                         Financial Dynamics
Andrew Cunningham                                    Stephanie Highett

Tel: [phone]                            Dido Laurimore
Keith Sadler                                         Jamie Robertson

Tel: [phone]                            Tel: [phone]






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