One of our major outsourcing contracts is the Abbey Portfolio, now part of Santander, which we bought in 2000 by way of a sale and leaseback transaction.

The arrangement involved the transfer of most of Abbey's UK occupational portfolio: 422 freehold properties and 884 leasehold properties. In August 2010 several of these assets were sold back to Santander.

Under this contract we lease freehold properties to Abbey, as well as manage the leasehold assets they occupy as principal and take on the economic risk of future rent increases.