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News > International
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BT to sell $3.3B property
graphic November 26, 2001: 4:24 a.m. ET

UK's No.2 phone company to sell property to Land Securties, reduce debt
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  • AT&T, BT end Concert joint venture - Oct. 16, 2001
  • British Telecom to overhaul business to slash debt - May 10, 2001
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  • BT Group
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    LONDON (CNN) - BT Group, formerly know as British Telecommunications, agreed on Monday to sell its property portfolio for £2.38 billion ($3.3 billion).

    The sale is part of BT's strategy to reduce debts that stood at about £30 billion earlier this year. Its crippling debt has lead to the departure of two executives and the demerger of mobile phone unit mm02.

    Land Securities, the UK's biggest publicly traded property company, and privately owned Pears Group will takeover the portfolio of 6,700 properties, which include telephone call centers, warehouses and vehicle depots.

    "This is an important step in our restructuring and debt reduction programme," said BT Chairman Christopher Bland.

    The deal involves BT leasing back properties from Telereal, a 50:50 joint venture between Land Securities and Pears, and is expected to be completed around December 14.

    BT has cut its debt to about £16.5 billion and the latest deal is expected to cut debt to about £15 billion by March, a spokesman told Reuters. graphic

      RELATED STORIES

    AT&T, BT end Concert joint venture - Oct. 16, 2001

    British Telecom to overhaul business to slash debt - May 10, 2001
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    BT Group




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