X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.’

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.