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LONDON-Telereal, a joint venture between Land Securities Trillium and William Pears Group, has made its first sale since it acquired BT’s £2.38 billion ($3.5 billion) property portfolio at the end of last year.

The privately owned Rotch Group has paid £270 million ($414 million) for six office buildings properties, three in England, two in Scotland and one in Northern Ireland.

Telereal was set up as a separate venture to handle the outsourcing of BT’s telephone exchange, office and depot portfolio at the end of last year. The original 30 year deal saw Telereal take on 7,500 properties totalling over 6 million sq ft. This was financed by a combination of securitisation proceeds, bank debt and equity, the largest such transaction of its kind.

The terms of the deal allow Telereal to sell properties surplus to BT’s requirements. The sale to Rotch is the first such transaction.

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