Grainger to buy Grip REIT for £396 million

(Reuters) - UK's Grainger Plc <GRI.L> said it would acquire Grip REIT plc for 396 million pounds to expand in the private-rented sector.

The residential landlord said the deal would be funded by a 346.7 million pounds rights issue.

Grainger also said its adjusted earnings rose 26 percent to 94 million pounds in the year ended Sept. 30.

(Reporting by Abinaya Vijayaraghavan in Bengaluru; Editing by Gopakumar Warrier)