September 10, 2018 / 3:05 PM / 13 days ago

Britain's Network Rail divests commercial property portfolio for $1.9 bln

Sept 10 (Reuters) - Britain’s Network Rail said on Monday that it has agreed to sell its commercial property portfolio to property outsourcing company Telereal Trillium and a Blackstone Group affiliate for 1.46 billion pounds ($1.9 billion).

The sale is made up of about 5,200 properties, the majority of which are converted railway arches, and will help to fund railway upgrades, the state-backed rail infrastructure company said.

Telereal and Blackstone Property Partners, the U.S. private equity firm’s real estate investment unit, will hold equal stakes and intend to be long-term owners of the estate, Network Rail said. ($1 = 0.7684 pounds) (Reporting by Justin George Varghese in Bengaluru Editing by David Goodman)

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