Cable & Wireless Web Site - April 2, 2007
Cable & Wireless announces that it has today completed a 25 year sale and leaseback agreement with British Land of a portion of its property portfolio. The deal covers nine properties used as network sites in the UK. Cable & Wireless will receive £88m.
Lease payments for the first five years will be £4.54m per year and subject to five yearly reviews thereafter. These amounts were not included in Cable & Wireless’ cash guidance of November 8 2006.
Jim Marsh, CEO of Cable & Wireless UK, said: “Our number one priority is to deliver excellent service to our top end customers. We’re transforming our business to do just that – and as part of that transformation, we’ve taken a close look at all of our assets.
“This deal makes good commercial sense in that it takes advantage of the buoyant property market and releases capital to the business.”
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