UK: £270m Sale of part of Telereal’s BT Portfolio
Last Updated: 29 August 2002

The £270m sale of six properties in Telereal’s BT portfolio to the Rotch Property Group was completed on 22nd August 2002.

The portfolio of six office buildings, including three in England, two in Scotland and one in Northern Ireland is the first major disposal of investment property from the Telereal venture since its formation in November 2001.

"Having acted for Telereal in setting up the outsourcing of BT’s telephone exchange, office and depot portfolio at the end of last year we are pleased to have been involved in Telereal’s first major realisation of additional value from that property portfolio" said Ursula Harriss, partner, Freshfields Bruckhaus Deringer.

Freshfields Bruckhaus Deringer advised on the original 30 year, £2.38bn deal which saw Telereal, jointly owned by Land Securities Trillium and William Pears Group, take on 7,500 properties with a total floor space of over 6m sq m, financed by a combination of securitisation proceeds, bank debt and equity. This is the largest outsourcing and property related securitisation transaction of its kind to date.

The Freshfields Bruckhaus Deringer team consisted of partners from the firm’s real estate, tax and finance practices including Ursula Harriss (real estate) Michael Thompson (tax) and David Ereira (finance).

Associates who played a key role included Franc Pena, Rachael Spalton (real estate) Tazim Hall (finance) and Peter Cosmetatos (tax).

David Jack of Scottish law firm Brodies and Graham Pierce of Northern Irish firm L’Estrange and Brett also acted for Telereal.


Noes for Editors

Freshfields Bruckhaus Deringer advised PPM (now Land Securities Trillium) on the first outsourcing transaction, the PRIME Project, the outsourcing of the Department of Social Securities’ office accommodation. The firm subsequently advised Land Securities Trillium on the sale and leaseback of ten properties worth £135m from the PRIME estate to the Rotch Property Group. Freshfields Bruckhaus Deringer has also advised Land Securities Trillium on the outsourcing of the BBC’s property portfolio.

Freshfields Bruckhaus Deringer is a leading international law firm. With more than 2400 lawyers in 29 offices around the world, it provides a comprehensive worldwide service to national and multinational corporations, financial institutions and governments.

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