In addition, Grainger will pay Deutsche an additional sum, between £5 million ($8 million) and £10 million ($16 million) in December 2004 if the Nationwide UK House Price Index rises by at least 10% between August 2002 and August 2004.
At 31st March 2003 the open market value of Bromley's properties was £668.4 million ($1.08 billion) with net debt of £497.3 million ($800 million). In the six months to 31st March 2003 Bromley produced pre-tax profits of £11.2 million ($18 million)
Since the Grainger/Deutsche joint venture acquired BPT in April 2001, it has focused on selling the assured or assured shorthold tenancy properties, leaving a portfolio of regulated tenancies, which are Grainger'score business. The deal increases Grainger's portfolio of residential properties from over 5,000 to more than 11,500.
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