Britain's Network Rail divests commercial property portfolio for US$1.9b

[BENGALURU] Britain's Network Rail said on Monday that it has agreed to sell its commercial property portfolio to property outsourcing company Telereal Trillium and a Blackstone Group affiliate for US$1.9 billion.

The sale is made up of about 5,200 properties, the majority of which are converted railway arches, and will help to fund railway upgrades, the state-backed rail infrastructure company said.

Telereal and Blackstone Property Partners, the US private equity firm's real estate investment unit, will hold equal stakes and intend to be long-term owners of the estate, Network Rail said.

REUTERS