In April 2001 we purchased the portfolios of the department of Inland Revenue, HM Customs & Excise and Valuation Office Agency (since merged into HM Revenue & Customs - HMRC).

These portfolios totalled 147 freehold properties and 454 leasehold properties. Our agreement with HMRC includes 20 year sale and leaseback to most of the HMRC estate.

Under this contract we own the freeholds and manage the leaseholds occupied by HMRC as principal (we take the risk of rising rents and we benefit from falling costs) and carry out construction fit-out works on behalf of HMRC to a pre-agreed price.