Mapeley lands �2 billion deal MAPELEY, the George Soros-backed consortium, has landed an agreement to acquire, manage and maintain the 600-strong Inland Revenue and Customs and Excise property portfolio. It will also provide services to a further 125 of their properties throughout Britain, writes Malcolm Withers. The contract, awarded under Steps, the government's Private Finance Initiative, involves an initial investment of �220 million and is worth �2 billion over 20 years. Mapeley is jointly owned by Soros, US real estate investment trust Fortress Investment Corporation and American investment bank Morgan Stanley. It has been short-listed to manage Abbey National and BBC properties at its massive White City site. Other companies are also looking at ways of releasing the dormant value of their property portfolios by copying the government's Private Finance Initiative and letting companies service and maintain them.Property insiders say retail bank Lloyds TSB and computer group ICL may decide to follow government departments.

EVENING STANDARD 04/08/2000