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RM Selling the family silver!!!
08 Mar 2007, 14:03
LONDON (AFX) - Land Securities Group PLC said its property partnership business Land Securities Trillium has bought 285 properties from Royal Mail Group PLC for about 70 mln stg.
Of the total portfolio, 108 leasehold properties -- which are surplus to Royal Mail's operations -- will be refurbished and offered to new occupiers, while the remaining 177 freehold properties will be leased back to Royal Mail.
Land Securities Trillium said it expects the deal to be earnings enhancing from its second year of ownership.
In a separate statement, Royal Mail described the sale as a 'good commercial deal' and 'a key element in our drive to increase efficiency and ensure we compete effectively in the UK postal market', which is now open to full competition.
It added that the sale will not impact Royal Mail or Post Office operations.