Abbey National has confirmed that it has selected Mapeley as preferred bidder in the sale and leaseback deal for its entire property portfolio ahead of Morgan Stanley Real Estate Fund and London & Regional who were also in negotiation. Mapeley is backed by Fortress Investment Group and Soros Real Estate Partners.

The deal will guarantee the bank operation and strategic flexibility without the future risk of uncertainty over the cost of reconfiguring its property portfolio. Commenting on the selection of Mapeley the bank said that in addition to bid value, "its selection criteria were based on a combination of the management strength and operational flexibility required by the bank and its future property partner."