BPT, the UK's largest quoted residential landlord, is on the verge of being taken private after a highly competitive auction that has forced the buyers to offer a premium to net asset value rather than the normal discount.

The successful bidders, a fifty-fifty partnership between Deutsche Bank's private equity group and rival property group Grainger Trust, are offering £477m (€757m) cash for the old Bradford Property Trust. The recommended offer values each BPT share at 321p, some 3% higher than net asset value after tax of an estimated 312p.

Deutsche Bank and Grainger bid for property group BPT

Houtan Bassiri

Nick Gilbert

Deutsche Bank

Grainger Trust

London Stock Exchange

Royal Bank of Scotland

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