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Royal shortlists four for leaseback deal
The Daily Telegraph
4 Jan 2003
Royal & Sun Alliance has shortlisted four property companies for the contract to sell and leaseback its UK property portfolio, which will raise around �200m.
Property outsourcing companies Land Securities Trillium an dMapeley, private property company London & Regional, and Covista, the joint venture between Abbey National and facilities management company Steill, have been added to the giant insurer's shortlist.
A spokesman said: "We are talking to a number of potential partners and considering our options in terms of a facilities management and property review. There is the potential for improving our efficiency in this area."
Royal, which appointed Price Waterhouse Coopers to review its operational UK property portfolio in September, is selling 80 properties totalling 4m sq ft.
This is understood to include its Berkeley Square offices and Leadenhall Court HQ in London.
Royal published an operational and financial review recently in which it said it was reviewing outsourcing opportunities for property and facilities management.
The deadline for bids is mid-January and a final decision is expected by the end of April.
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