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ABBEY SELLS ALL ITS PROPERTY.
The Times
20 Oct 2000
ABBEY NATIONAL has confirmed that it is to sell its entire estate to Mapeley, a property company backed by George Soros, the billionaire financier, for �457 million.
The deal is expected to trigger similar deals across the corporate sector, as companies choose to reduce their exposure to the property market and secure their continuing property costs.
Abbey National said the sale would add �70 million to its pre-tax profits in 2000.
Mapeley will service Abbey National's property requirements for a 20-year term, while the sale and leaseback arrangements mean Abbey National will transfer to Mapeley its 6.5million sq ft estate, including its head office in London and offices in Bradford, Glasgow and Milton Keynes, plus its 750 branch network. Mapeley was set up to bid for government and private sector property deals of this kind.
By Angela Jameson.
THE TIMES 20/10/2000 P29
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