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Troubled Marconi Sheds Surplus Investment Properties

LONDON-Marconi, the beleaguered telecoms equipment manufacturer, has sold a second portfolio of investment properties. Industrial specialist Ashtenne Holdings has bought a mixed portfolio in four locations.

By Graham Parker | Updated on January 08, 2002

LONDON-Telecoms group Marconi, which has run up the biggest loss in British corporate history, has continued the process of selling surplus assets to raise capital. It has sold a mixed portfolio of properties for £10 million ($14.4 million) to the industrial and mixed-use specialist Ashtenne Holdings. The portfolio produces a total current income of some £676,000 ($975,000) per annum.

The portfolio included a 30,000-sf office building in Harlow, Essex let to Nortel Networks Optical Components for 59 years and a 63,000-sf factory and office complex in Wellingborough, Northamptonshire, let to Siemens for another seven years. Also include were a 40,000-sf hi-tech facility on Wavertree Boulevard in Liverpool, let to a Marconi subsidiary for five years and a vacant 6,000-sf factory unit in Wigginton, North Yorkshire.

In addition, the portfolio includes a 12 acre mixed-use development site in Chelmsford, Essex; three houses near Rugby, Warwickshire and seven sports grounds, covering 72 acres, located across England. Marconi will receive a share in any profits if any of these sites successfully gain planning permission for development.

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