Network Rail sale of railway arches

Network Rail

Network Rail is the sale of the commercial real estate portfolio in the offer, which will increase to £1.46 billion and the support that the track for the finances.

He said the proceeds from the sale to the Blackstone Group, and Telereal Trillium would help Fund rail upgrades.

But the tenants of the roughly 5,200 properties sold, mainly railway arches converted, the expressed concern.

Campaign group Guardians of the Arches, said they feared that the sale would lead to higher rents for tenants.

Some companies have already faced steep rent increases in the last few years and feared the new owners would increase more, or move companies, she said at the end of their contracts, the group.

“We… argue whether the sale of the entire property in a lot of work is the best way to support small businesses and local economies that depend on them,” guardians of the Arches spokesman said.

The UK s-Bahn railway arches workshops are home to a variety of companies, including furniture restorers, metal-shop workers, cafe owners, hairdressers, micro-Breweries, galleries, Fitness Studios, and a motorcycle.

Network Rail said the new owners, real estate investors, Telereal Trillium and private equity group Blackstone, would adopt a “tenant first” approach, through a tenants ‘ Charter, which would ensure that the new owners, with tenants and local communities “in an open and honest approach”.

Network Rail, which proclaimed, under the pressure of modernisation of its infrastructure, especially the s-Bahn lines in London, last November, to sell that it is planned in the portfolio.

Sir Peter Hendy CBE, Network Rail chairman, said: “This deal is good news. For tenants, the significant commitment and investment means, and for passengers and the taxpayer, it will mean that massive, substantial improvements, without an additional burden for the public sector.”

Network Rail property’s managing director, David Biggs, added that he was proud of were, promoted the various companies and municipalities, and ultimately the management of such properties, which are not “essential” for the improvement of the railway infrastructure.

“The new owners will invest and grow the settlement, and we can concentrate on our core business, to the execution of the railway,” he said.