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BT Sells UK Property Portfolio

LONDON-Telereal Holdings - a joint venture between Land Securities and the privately-owned William Pears group has paid $3.2 billion for the property assets of British Telecom.

By Graham Parker | Updated on June 14, 2001

LONDON-Telereal Holdings – a joint venture between Land Securities and the privately-owned William Pears group has paid £2.3 billion ($3.2 billion) for the property assets of British Telecom.

Closing thetransaction, the largest of its type in the UK, is conditionalon Telereal raising the necessary finance through a bond issue.

Manish Chande, ChiefExecutive of Land Securities’ outsourcing division, Trillium, said: ‘This is a landmarktransaction which illustrates the increasing realisation among companies ofthe value that can be unlocked from their property assets.’

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