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Blackstone, Telereal to buy commercial portfolio from Network Rail for £1.46B

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.