Royal Mail sorts asset sell-off

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Royal Mail is negotiating a second round of sale and leasebacks as part of an ongoing plan to raise capital by offloading property assets

It expects to raise £50m through the sale of four sorting offices in Sheffield, Newcastle, Croydon and Leeds – a yield of 6.5%-6.75%.

A first round of sale and leasebacks raised £45m and was completed earlier this year when it sold three sorting offices: one to Invista in Warrington and two to Aviva Investors in Northampton and Manchester.

BNP Paribas Real Estate manages Royal Mail’s property portfolio.

BNP Paribas Real Estate director of corporate real estate Chris Wright said: “We have seen increased activity from corporate clients keen to explore their portfolio for opportunities to raise capital as an alternative source of finance.”