Network Rail agreed to sell its commercial estate portfolio to Blackstone Property Partners and Telereal Trillium Ltd. for £1.46 billion.
The portfolio contains about 5,200 properties, which mainly consist of converted railway arches.
The proceeds generated from the deal have been earmarked for a railway upgrade plan, bringing passenger-level improvements and decreasing the taxpayer burden in funding the railway.
Telereal and Blackstone will own equal stakes in the assets and plan to be long-term holders. Telereal will manage the portfolio.