In November 2017, we announced the sale of our Commercial Estate business in England and Wales, which is made up of around 5,200 properties which are not essential for running the railway. The majority of these are converted railway arches.
We have now agreed terms with Telereal Trillium and Blackstone Property Partners for the sale of this business for £1.46 billion.
Both parties have long and successful track records of operating large commercial estates across the UK and have adopted a ‘tenants first’ approach, cemented in a tenants’ charter. This offers a commitment to engage with all tenants and communities in an open and honest manner, and adhering to a set of principles in the management of the portfolio.
Proceeds from the sale will help to fund the Railway Upgrade Plan, which is improving and growing the rail network for the benefit of passengers and the wider UK economy, reducing the need for taxpayers to fund the railway.