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Network Rail has confirmed plans to sell its commercial property portfolio to investors Blackstone and Telereal Trillium. The portfolio is currently comprised of 5200 properties, including over 4000 railway arches.
The rail company says it will reinvest the proceeds of the sale in infrastructure improvements and upgrades. Meanwhile, the new buyers have announced that they intend to focus on reopening the 430 vacant arches currently located in London.
Existing tenants have expressed severe concerns about the consequences of the sale and what it will mean for rental prices, claiming that many tenants have already been forced out by rental hikes.
However, Telereal Trillium’s managing director Adam Dakin has attempted to reassure naysayers, stating: “We want to keep the quirky and independent nature of the tenant mix.”
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.