News on 5 September 2000
Five consortia have submitted bids to manage the BBC’s £500m
property portfolio (see News story)
. They are 2020 Insight, which consists of Trillium Land Securities
(and assorted providers); Cornice Properties Ltd, comprising Morgan
Stanley Real Estates Fund III International and London & Regional
Properties Ltd; The Foresite Consortium, including Amey Ventures
Ltd, Barclays Private Equity Ltd and Arrowcroft Group plc; MBL Vision
Ltd, consisting of Mapeley Ltd and British land; Promedia,
comprising Carillion plc, BT and Marylebone Warwick Balfour Group.
The BBC will pick a partner by next February, which will take on several
of the BBC’s 552 properties on a sale and leaseback basis. Ian Robertson,
property director of the BBC, says the company will want to keep freeholds
on Broadcasting House and Television Centre since these are iconic buildings.
He also says that the BBC accepts that owning property is no longer the
objective it used to be and that it needs to use its balance sheet sensibly.
A joint venture partner will enable the BBC to redevelop its offices,
at no cost of the licence payer. The company is currently spending £175m
per annum on maintaining its property portfolio. The initial focus is
on developing the 40,000sq m White City complex.
