Mapeley

ABBEY NATIONAL, the mortgage bank, said yesterday it has sold its entire branch network to the property consortium Mapeley Columbus for �457m. Mapeley, which is 45 per cent owned by Soros Real Estate, has bought about 900 buildings including all of Abbey's 750 branches and its Baker Street, London, head office in the all-cash deal. Abbey will lease back the buildings. Abbey said the deal would generate �70m in pre-tax profit in the full-year for 2000.

INDEPENDENT 20/10/2000 P20



ABBEY NATIONAL IN PROPERTY SALE. ABBEY NATIONAL, the mortgage bank, said yesterday it has sold its entire branch network to the property consortium Mapeley Columbus for �457m. Mapeley, which is 45 per cent owned by Soros Real Estate, has bought about 900 buildings including all of Abbey's 750 branches and its Baker Street, London, head office in the all-cash deal. Abbey will lease back the buildings. Abbey said the deal would generate �70m in pre-tax profit in the full-year for 2000. INDEPENDENT 20/10/2000 P20