Telereal was initially set up to take over the £2.38 billion ($3.4 billion) property assets of British Telecom, but unlike that deal the O2 contract does not involve the transferring ownership of the portfolio. Telereal Ventures will provide O2 with traditional professional and estate management services together with a customer help desk.
The O2 portfolio includes offices, call centres, telecom suites switches and cell sites, warehousing and retail properties. Telereal estimates the contract will generate income of around £1.5 million ($2.1 million) over its initial 18-month term.
LS Trillium Chief Executive Ian Ellis said: 'The benefits of outsourcing the management of diverse property portfolios are becoming increasingly clear to organisations who wish to focus their time and resources on growing their core areas of operation.'
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