N. Ireland Govt Considering £1 Billion Sale Leaseback

Telegraph - March 27, 2004

The Government of Northern Ireland is considering an estimated £1billion in a sale and leaseback deal that will see the outsourcing of the management of its entire Northern Ireland estate. The secretary of State for Northern Ireland has been instructed to push ahead with plans to transfer all its freeholds and lease liabilities to a private-sector partner according to property magazine, Estates Gazette .

The estate totals more than 3m sq ft of Northern Ireland Civil Service accommodation and includes the Stormont estate, outside Belfast. Northern Ireland's department of finance and personnel, which is responsible for the project, is appointing financial advisers to finalise a strategy for the estate, which could favour a piecemeal sale of chunks of property. Property outsourcing specialists Mapeley and Land Securities Trilliam are uderstood to be interested in the deal. Sphere: Related Content