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14/06/2001
BT RAISES £2.3bn FROM PROPERTY SALE
AS debt-ridden BT seeks to climb out of its financial difficulties the company has sold off its UK property portfolio, including the landmark BT Riverside Tower building beside Belfast’s Waterfront complex, to raise £2.3 billion.
BT Chairman Sir Christopher Bland said: "This represents a further step forward in BT's drive for cash and the reduction of its headline debt, while at the same time outsourcing a non-core competency."
BT announced that it has entered into a legal agreement for the sale of its UK property portfolio to Telereal Holdings for approximately £2.3 billion.
Closing the transaction, the largest of its type in the UK, is conditional principally on Telereal completing its funding arrangements.
BT selected Telereal, a 50:50 joint venture owned by Land Securities Trillium and The William Pears Group, was as the preferred bidder for the property contract in April.
Telereal, which will raise finance on the bond markets to complete the transaction, will supply property management services to BT on an ongoing basis so enabling BT's management to focus on the core communications business.
The alliance with Telereal will provide BT with improved flexibility in its approach to office arrangements and building requirements including the ability to vacate up to ten million square feet of property within the first ten years.
BT Business Services are responsible for BT's property estate, which has a total floor space of six million square metres.
Seventy per cent of the 7,500 properties are operational buildings for which BT will retain the freehold and exclusive control. (SP)
BT Chairman Sir Christopher Bland said: "This represents a further step forward in BT's drive for cash and the reduction of its headline debt, while at the same time outsourcing a non-core competency."
BT announced that it has entered into a legal agreement for the sale of its UK property portfolio to Telereal Holdings for approximately £2.3 billion.
Closing the transaction, the largest of its type in the UK, is conditional principally on Telereal completing its funding arrangements.
BT selected Telereal, a 50:50 joint venture owned by Land Securities Trillium and The William Pears Group, was as the preferred bidder for the property contract in April.
Telereal, which will raise finance on the bond markets to complete the transaction, will supply property management services to BT on an ongoing basis so enabling BT's management to focus on the core communications business.
The alliance with Telereal will provide BT with improved flexibility in its approach to office arrangements and building requirements including the ability to vacate up to ten million square feet of property within the first ten years.
BT Business Services are responsible for BT's property estate, which has a total floor space of six million square metres.
Seventy per cent of the 7,500 properties are operational buildings for which BT will retain the freehold and exclusive control. (SP)
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