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British Telecom in Talks to Sell $3 Bln of Properties
Posted: 04-Jan-2001 [Source: Bloomberg]

[Britain's largest property outsourcing contract looming as BT looks to reduce its debt.]

London -- "British Telecommunications Plc, the U.K.'s largest phone company, said it's in talks to sell real estate for at least 2 billion pounds ($3 billion) to help cut debt that will reach 30 billion pounds by March.

"British Telecom is talking to Mapeley Columbus Ltd. and one other company, said people familiar with the negotiations. British Telecom declined to identify the possible buyers, and Mapeley Chief Executive Robin Priest yesterday wouldn't comment.

"The phone company's debt swelled as it spent $14.5 billion last year on faster mobile phone services. British Telecom has also said it will offer shares in at least two units this year and sell holdings in parts of Asia to help cut debt by 10 billion pounds by the end of 2001. Its shares have more than halved in the past year. They rose as much as 9.3 percent today.

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