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LONDON-Slough Estates has dismissed as premature reports of an imminent demerger of its £620 million ($1 billion) U.S. biotechnology parks.

Slough’s new chief executive, Ian Coull, has asked UBS to draw up a range of options for unlocking the value in its American assets. These include a sale, wholesale demerger, retaining a stake in a new company or a tax-efficient property investment trust.

The aim is to streamline Slough into a specialist development company better equipped to generate improved returns on capital than it can from pure property investment.

Slough has built a profitable business in the southern California property market with the development of the biotechnology parks. They have attracted tenants like Pfizer which now occupies 25% of the property in the portfolio and this has boosted the investment value of the estate.

Other areas where Slough believes there is a need for specialist developments included Washington, Boston, Philadelphia and Baltimore.

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