Mapeley

Abbey National and Mapeley signed a �457m private-sector PFI deal last Thursday which promises to be a landmark in corporate real estate deals.
The structured sale-and-leaseback will see Mapeley acquire all Abbey's property interests, and provide property management for 20 years.
It is the first major, private-sector "PFI-style" agreement to be finalised and the first such deal which incorporates a large number of leasehold properties.
Previously, private-sector deals where the company occupied mostly leasehold property - such as ICL's attempts to secure a property solution - have failed, at least partly because of the difficulty of pricing leasehold obligations. But eh industry is confident that the deal will work.
One property company executive said: "The pricing of the leasehold risk has been right and the deal will work. It will be a leading example."
George Soros-backed Mapeley is tipped for flotation soon. As well as signing the Abbey deal, it has been named preferred bidder for the STEPS PFI project.
Jamie Ritblat, managing director of Delancey Estates which has a 15% stake in Mapeley, said: "This makes Mapeley an operating company of significant substance."



Mapeley sets industry example with Abbey sale-and-leaseback deal. Abbey National and Mapeley signed a �457m private-sector PFI deal last Thursday which promises to be a landmark in corporate real estate deals. The structured sale-and-leaseback will see Mapeley acquire all Abbey's property interests, and provide property management for 20 years. It is the first major, private-sector "PFI-style" agreement to be finalised and the first such deal which incorporates a large number of leasehold properties. Previously, private-sector deals where the company occupied mostly leasehold property - such as ICL's attempts to secure a property solution - have failed, at least partly because of the difficulty of pricing leasehold obligations. But eh industry is confident that the deal will work. One property company executive said: "The pricing of the leasehold risk has been right and the deal will work. It will be a leading example." George Soros-backed Mapeley is tipped for flotation soon. As well as signing the Abbey deal, it has been named preferred bidder for the STEPS PFI project. Jamie Ritblat, managing director of Delancey Estates which has a 15% stake in Mapeley, said: "This makes Mapeley an operating company of significant substance."