Mapeley is a specialist provider of long-term serviced accommodation for Government Departments and major corporations. It was formed in 1999 in response to an increasing demand for outsourced accommodation solutions.

Companies in the private sector and Government departments are realising that owning large property portfolios is often a poor use of capital and that the property owned or leased is rarely well utilised. They also wish to move away from bearing the commercial risks associated with occupying and maintaining property and release resource to focus on their core business.

Mapeley's potential clients are therefore looking to:

• Release capital tied up in property
• Achieve flexibility to deal with fluctuating requirements
• Transfer the risks of property ownership and leaseholding to a third party
• Achieve cost reduction and certainty over an extended period of time
• Free resources to concentrate on core competencies

Mapeley works in partnership with clients at a strategic level to ascertain the specific accommodation needs of the organisation and the best use of its existing portfolio. Mapeley then has the know-how, flexibility and the financial resources to acquire significant property portfolios (on a freehold or leasehold basis) and provide the level of service that each client requires. This can range from more basic property led contracts, such as that in place with Abbey National, to providing a fully outsourced accommodation solution, along the lines of the contract that is in place with the Inland Revenue and HM Customs and Excise - STEPS.

The contract signed with the Abbey National was a structured purchase and leaseback of Abbey's property portfolio. This transferred the responsibility and also the risk of 1320 properties to Mapeley. Mapeley now has preferred supplier status for all of Abbey Nationals new property requirements and the responsibility for the management and disposal of all surplus property. In addition to this Mapeley also continues to work in partnership with Abbey National to bring innovative and value-adding accommodation solutions to Abbey's core business.

The STEPS contract, or Strategic Transfer of the Estate to the Private Sector, is a private finance initiative (PFI) on behalf of the Inland Revenue and HM Customs and Excise. The Contract transferred all the responsibility for the departments combined property portfolio of 725 buildings to Mapeley in return for a front end payment to the Government. The departments now pay an agreed charge over a period of twenty years and receive fully serviced accommodation.

Mapeley currently owns and manages the freehold or leasehold of over 2,000 buildings totalling 2.25 million sq m of space and looking after the business accommodation needs of over 150,000 people. To provide this service, Mapeley indirectly employs over 3,500 people, who handle between 10,000 and 12,000 calls and 8,000 - 10,000 work orders per month.

Mapeley's turnover is around �300 million per annum and it has assets totalling approximately �800 million. Mapeley's shareholders are Soros Real Estate Partners, Fortress Investment Group, Delancey Estates and Mapeley's management team.