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LONDON-BT has exchanged contracts to sell £2.38 billion ($3.4 billion) of UK property, representing the majority of its property holdings, to Telereal, a joint venture between Land Securities Trillium and the William Pears Group. The sale is the biggest-ever outsourcing or property by a UK company.

Completion is due to take place on 14 December when Telereal will assume responsibility for 6,700 properties with a total floor space of 59 million sf. Three quarters of the properties are telephone exchanges and related technical buildings, with the remainder being offices, transport depots, warehouses and call centres.

Under the terms of a new 30-year agreement, Telereal will provide accommodation and estates management services to BT. BT will pay Telereal a total accommodation charge of £5.95 per sf initially. And it will be able to vacate an agreed amount of surplus space each year without penalty.

Geoffrey Almeida, Chief Executive of BT Affinitis said: ‘BT is the first corporate to take advantage of putting nearly all its accommodation with a single landlord who sees accommodation as a service.’

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