Telereal securitises exchanges

Last month saw the launch of the first securitisation of telephone exchanges. Originated by Telereal, the £1.8 billion of fixed and floating rate notes use exchanges, used by principal UK operator British Telecommunications (BT), as collateral.

The transaction represents the sale and leaseback of BT’s UK portfolio of fixed-line telephone exchanges and other specialised properties. Land Securities Trillium and William Pears Family Trust (Bermuda) have established a joint venture partnership to

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