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LONDON-British rail company Railtrack Group Plc has sold Railtrack (Spacia) Ltd, which owns the long-term leases for 130 railway arches to one of its subsidiaries.

The purchaser, Railtrack Plc, already owns most of the commercial properties managed under the “Spacia” brand. The space under many British railway arches has been put to commercial use, typically light industrial operations.

The functions of Railtrack Plc are being taken over by Network Rail Ltd, a state-backed not-for-profit company. But the future of its property assets and business remain in doubt.

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