Network Rail agrees £1.46bn commercial estate sale to Telereal Trillium and Blackstone Property Partners
Network Rail has agreed terms with Telereal Trillium and Blackstone Property Partners for the sale of its commercial estate portfolio. Proceeds from the £1.46 billion transaction will help fund the railway upgrade plan, bringing major improvements for passengers and reducing the need for taxpayers to fund the railway.
Telereal and Blackstone will hold equal ownership stakes and intend to be long-term owners of the estate. Both parties have adopted a ‘tenants first’ approach, cemented in a tenants’ charter, which offers a commitment to engage with all tenants and communities in an open and honest manner.
Both companies have long and successful track records of operating large commercial estates across the UK. Telereal will oversee the day-to-day property management of the portfolio.
Network Rail launched the sale of its commercial estate last November. The portfolio is made up of around 5,200 properties, the majority of which are converted railway arches. The sites are being sold on a leasehold basis, with Network Rail retaining access rights for the future operation of the railway. Network Rail agrees £1.46bn commercial estate sale to Telereal Trillium and Blackstone Property Partners