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LONDON-Grainger Trust has cemented its status as the UK’s number one residential landlord with the 24.3 million ($40 million) purchase of Deutsche Bank’s outstanding interest in Bromley Property Holdings, a joint venture set up to buy the Burton Property Trust portfolio. The deal means Grainger now controls 11,500 properties across the UK.

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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