James Agar steps down from troubled Ground Rents Income Trust

James Agar has stepped down from his role at Schroders Real Estate and the Ground Rents Income (GRIO) trust. Chris Leek will be taking charge of the GRIO trust, reporting to the Head of UK Real Estate Nick Montgomery.

The trust is currently trading on a 29% discount to NAV due to a number of recent problems, the most prominent being Beetham Towers; a Manchester apartment block purchased in 2012. In 2014 a building defect was identified and they have only recently offloaded the asset for a nominal consideration.

7th October 2021