Who is Telereal ?
The Telephone House Neighbours Association, Tunbridge Wells, Internet site attracts many visitors looking for information on Telereal.
As a courtesy we provide information from BT Media Centre, links to BBC's archives and Land Securities Website.
BT SELECTS LAND SECURITIES TRILLIUM AS PREFERRED BIDDER FOR PROPERTY PORTFOLIO
NR 0113 April 10, 2001
BT today announced that it has selected a fifty-fifty joint venture between Land Securities Trillium and William Pears Group ("Trillium") as its preferred bidder with the aim of finalising the proposed divestment and ongoing management of its property portfolio. The transaction is expected to complete during the summer.
BT's property estate totals six million square metres (64 million square feet) and its divestment would represent a key step in enabling the company to focus on its core business. The preferred bid would allow BT the flexibility to vacate approximately one million square metres (ten million square feet) of property within the first ten years at no additional cost.
Geoffrey Almeida, chief executive of BT Business Services, said: "I am delighted to be able to work with Trillium towards finalising our alliance. This transaction will be the largest UK property deal to date and has great potential to deliver comprehensive benefits to BT. The proposed alliance with Trillium would also represent an exciting opportunity for BT people in our Property division as they would be able to develop and build their expertise with a leading real estate company. This was a very close competition as we had excellent bids from both Trillium and Mapeley."
Manish Chande, chief executive of Land Securities Trillium, said: "We are delighted BT has chosen us as its preferred bidder for this unique property transaction and we look forward to working with BT to bring the contract to its conclusion."
"Our alliance with BT opens up an exciting new phase in the development of Land Securities Trillium and enables us to build on our expertise in managing large and complex operational estates as well as fulfilling the needs of today's corporate occupier. We recognise that the skills and experience the people in the BT Property team would bring would be extremely valuable as we look to build our relationship with BT."
The disposal remains subject to the conclusion of commercial negotiations between BT and Trillium.
NOTES FOR EDITORS
BT Business Services is responsible for BT's property estate which comprises 7,500 properties, with a total floor space of six million square metres. Seventy per cent of these are operational buildings for which BT will retain the freehold and exclusive control.
The divestment of the property estate will enable a more flexible approach to BT's office arrangements and building requirements. The transaction is expected to make a contribution to reducing BT's headline debt with cash receipt expected during 2001.
Land Securities Trillium is bidding with the William Pears Group through a 50/50 joint venture company called Telereal Ltd.
Trillium was established in 1997 and acquired by Land Securities PLC in November 2000. It combines capital, estate and facilities management expertise in a total outsourcing package. In 1998, Trillium won the PRIME contract to own and manage the majority of the Department of Social Security's property portfolio. In March 2001, Trillium was selected by the BBC as the preferred bidder for its property portfolio. Trillium is also one of two shortlisted bidders for the London Underground Property Partnership.
Land Securities is one of Britain's leading real estate providers with assets of 7.7 billion. The company's portfolio includes a balanced mix of offices, shops, shopping centres, retail warehouses, leisure and industrial properties.
The William Pears Group is one of the largest private companies in the UK. It holds substantial property interests and is involved in a large number of joint ventures.
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"The first point is that this [Telereal] is a 50/50 joint venture with the William Pears Group, one of the largest private investment companies in the UK.
Secondly, the property portfolio has been split to account for the different occupational needs within the BT portfolio. The bulk of the premises are telephone exchanges and associated buildings known as the Specialised Estate. BT are likely to have a very long term commitment for those facilities consequently they lent themselves to long term funding through securitisation. The General Purpose Estate however related much more to normal occupational requirements comprising offices, vehicle depots etc. This was therefore primarily funded through bank debt as more flexibility is likely to be needed in vacating these properties."
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